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Robinhood Taps Polygon for Its Web3 Wallet Beta Launch, What Does It Mean to MATIC?

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VOC, Voice of Crypto, Crypto wallet

Robinhood, a crypto and stocks trading platform, recently launched a beta version of its web3 wallet for selected iOS customers, allowing them to store cryptocurrencies outside the original platform.

This wallet, as reported, is set to utilize Polygon as its first supported blockchain.

According to their announcement, only the first 10,000 subscribers who joined the waitlist in May 2022 will have access to it.

This wallet operates on the Polygon blockchain and allows users to move their cryptocurrencies around without paying any network fees.

According to Johann Kerbrat, the CTO of Robinhood, the launch of this wallet is a “significant step” in making Robinhood one of the most trusted and simple crypto platforms for customers.

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He also adds that the Robinhood wallet aims to eliminate some problems with Web3 and Defi, making crypto more approachable and usable to everyone.

Why Polygon Blockchain

Robinhood chose the Polygon chain because it is scalable, reliable, and has affordable network costs with a strong developer community.

Additionally, the Proof of Stake Mechanism of the Polygon network makes it easier for the Robinhood wallet to support deposits and withdrawals. This enables its users to easily buy the company’s native MATIC token and move it, as they wish, to their self-custody wallets.

In addition, Polygon was also the first Ethereum-compatible blockchain to be supported by CoinBase for withdrawals and deposits.

Robinhood has listed USDC as the first supported stablecoin on its wallet. This stablecoin can be acquired by all retail customers on the Robinhood platform and will allow users to trade/hold access to 17 other cryptocurrencies across chains.

MATIC On The Charts

There have been no noticeable price spikes following Robinhood’s announcement at the time of writing. However, MATIC appears to be trading inside a descending channel.

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Matic Price Chart

Matic Price Chart | Source: TradingView

It appears to have tested support around the $0.68 level, has trended up for a while, and then bounced off the $0.78 level to retest the lower support of the descending channel.

If the bulls hold this lower support against the bears, an uptrend towards the upper resistance around the $0.88 level is possible.

However, if we see a breakdown of this lower support, the price of MATIC could be headed straight down to the $0.62 level.

Matic RSI Chart, Robinhood

Matic RSI Chart | Source: TradingView

The RSI on the medium timeframe above shows slightly oversold conditions and may point to the bull’s potential bullishness and a win.

The trend on the MACD, on the other hand, shows neutral conditions and an unclear trend.

At this time, it is important to consider what the market might be doing rather than one’s feelings before entering a trade.

 

 

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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