Robinhood, the popular stock and cryptocurrency investing app in the United States, has added support for $MATIC deposits and withdrawals on the Polygon PoS chain.
As the firm continues to adopt Web3, Robinhood now allows moving MATIC over the Polygon Network. Users of Robinhood may now transfer and receive MATIC tokens. Users of the company can lend, borrow, and trade MATIC for other tokens, providing liquidity on the proof-of-stake chain. Soon, the business believes it will allow support for various cryptocurrencies on more networks.
$MATIC Robinhood Launches Deposits and Withdrawals for MATIC on the Polygon Network.
The integration enables Robinhood customers to use the MATIC on the PoS chain to perform various activities like lending, borrowing, providing liquidity, swapping for other token’s.#Polygon 🙌 pic.twitter.com/SHzisSOlv8
— WEB3 Market Insight 🇦🇺 (@iftikharpost) September 1, 2022
The announcement comes shortly after Polygon’s MATIC listing on Robinhood, enabling users to easily buy and trade MATIC in the app. Only big cryptocurrency exchanges such as Binance, Crypto.com, and many more now provide this functionality.
Polygon was a good fit for Robinhood because it saves users money on fees and reduces long confirmation periods while allowing them to take use of Ethereum’s robust security architecture. Polygon, as the top scaling platform, assists in reducing the load off the Ethereum mainnet and processing transactions off-chain. That results in lower gas prices and higher throughput without compromising safety.
Polygon, as a carbon-neutral network, also assures that each transaction’s carbon footprint is completely offset. The platform has committed $20 million to sustainability projects and aims to become carbon-negative by the end of the year.
Head of DeFi at Polygon, Hamzah Khan, said: “We’re happy that Robinhood has added on-chain support for MATIC deposits and withdrawals. It further enhances its impressive suite of integrated services, enabling access to the Coinbase wallet and Metamask. Also, it makes accessing digital currencies and now MATIC as seamless as possible for their users.”
MATIC is up by 6% today
The strong performance of MATIC follows the announcement that Robinhood has begun to support MATIC deposits and withdrawals on the Polygon Proof-of-Stake (PoS) chain.
The Polygon network’s native token has the highest performance among the top 20 cryptocurrencies by market cap. On the last day, the coin’s value increased by more than 6%, outperforming the whole market.
The price of a MATIC coin at the time of publication is $0.897. If the bulls continue to be in charge, MATIC may break over the first significant resistance mark at $0.9489.
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