Crypto: Robinhood launches a wallet that works with Polygon (MATIC)

A wind of layoffs blew over the Robinhood company during the month of August. During this period, several employees unfortunately lost their jobs due to the instability of the crypto market. Since then, water has flowed under the bridge and Robinhood has entered a new phase in its development. Thus, last Tuesday, the trading application launched a new Web3 wallet intended for some of its customers using the iOS operating system.

The objectives of the new portfolio

Robinhood has a new tool to offer its customers: Robinhood Wallet. She revealed that this new wallet is created for a dual purpose. First, it aims improve security from which its customers already benefited and secondly, it will support Polygon’s PoS (MATIC) protocol.

The company explained the reason why it chose the Polygon blockchain. In an article published on Tuesday, she says: “We chose Polygon because of its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences for clients.”

It must be said that the Polygon blockchain has been in an active development phase for several months. Indeed, it became the first blockchain to be compatible with Ethereum (ETH). In addition, it is the first blockchain to be supported by Coinbase to make withdrawals as well as deposits of several cryptocurrencies: ETH, MATIC and USDC.

It is therefore not surprising that Robinhood has chosen Polygon to achieve its next goals. Incidentally, the company revealed that it plans to make its new portfolio a multi-channel product which will soon be accessible to many users.

Revitalize the crypto market?

As we wrote in the introduction to this article, there has been a wave of layoffs at Robinhood. The company has reduced the workforce by almost 23% of its staff. But this decrease has not had a negative effect on its growth plans. That said, there is a factor that came into play: the deterioration of market conditions. It has led to a reduction in investor interest in digital assets.

Robinhood, however, hopes that with its new projects, more and more investors will head into the cryptocurrency market so that the momentum is back. Recall that in August, it agreed to buy the UK-based Ziglu cryptocurrency exchange for $72.5 million, instead of the $170 million originally announced.

About this operation, Mark Hipperson, founder of Ziglu, wrote: “The Board of Directors spent a lot of time talking with Robinhood’s CEO and management team to negotiate and improve the terms of their revised offer. […]. Based on these discussions and other considerations, we believe that the revised proposal […] is the best and only reasonable way for the company. »

Robinhood plans to make a new crypto wallet available to users of its services, Robinhood Wallet. In addition to enhancing client security, the wallet will work by supporting the Polygon blockchain.

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