Polygon jumps 10% on the week thanks to the integration of Robinhood and Meta

Polygon (MATIC) leads gains among the 20 largest crypto-currencies by market cap over the past week.

MATIC, the currency that powers the Ethereum Polygon scaling network, has jumped 10.5 percent over the past week. At the time of this writing, MATIC is trading at about $0.8941, up 7.3 percent over the past 24 hours, according to data from CoinMarketCap.

MATIC short trades worth $7.4 million have been liquidated in the past week, according to Coinglass data. Long positions worth $5.1 million were liquidated during the same period.

Despite a strong weekly performance, MATIC is down 69.45% from its all-time highs of $2.92 recorded in December 2021, suggests CoinMarketCap data.

A bullish week for Polygon

Polygon’s positive price action comes amid a handful of major brand integrations. Yesterday, for example, trading app Robinhood announced the integration of Polygon. Robinhood users can now deposit and withdraw MATICs on the Polygon network.

Support for other assets will be added soon, according to the company’s announcement.

“Hey, you can now send and receive MATICs on the Polygon network in addition to the Ethereum network“, Robinhood tweeted. “Prise in support for more crypto-currencies on more networks to come“.

Hey! you can now send and receive MATIC on the @0xPolygon network in addition to the @ethereum network. Support for more cryptocurrencies on more networks coming soon.

– Robinhood (@RobinhoodApp) August 31, 2022

OpenSea, the industry’s largest NFT marketplace by trading volume, has also added support for Polygon. In addition to reducing typing and quoting costs, the integration will allow users to pay with MATIC.

Finally, Mark Zuckerberg’s company Meta has launched a new cross-posting feature between Facebook and Instagram using Polygon-based NFTs. According to the company, “interoperability in the metaverse” is one of the main motivations for this new functionality.