Robinhood Enables Deposits, Withdrawals of MATIC Token on Polygon: Here's What It Means for Traders

Robinhood now allows transferring MATIC on Polygon network as the company continues to embrace Web 3.

Robinhood Enables Deposits, Withdrawals of MATIC Token on Polygon: Here's What It Means for Traders

Photo Credit: Polygon

Polygon’s trading volume has surged since the announcement

  • Robinhood is better known among traders for low commissions
  • The platform aims to add support for more cryptocurrencies in time
  • Polygon is a layer-2 scaling solution known for being carbon neutral

Robinhood, the stock and crypto trading app, has added support for deposits and withdrawals of MATIC tokens on the Polygon blockchain. The Layer-2 blockchain solution will enable users to enjoy faster transactions and lower fees than Ethereum. Moreover, users can now transfer MATIC without paying bridging fees on the Robinhood platform. Users of Robinhood were previously only able to transfer a list of supported tokens on the Ethereum blockchain. Due to Polygon's added support for multi-chain transfers, MATIC can now be withdrawn on two different blockchains.

Starting now, all qualified Robinhood app users on the queue and those who have access to the WebWallets functionalities can now transfer any MATIC currently available on the app. The Robinhood website claims that in contrast to other exchanges that impose trading fees, users qualified to use the withdrawal and deposit options on the app also get free trading. Robinhood foundation aims to democratise access to finance for all people worldwide.

Polygon was a good fit for Robinhood since it allows users to save money on fees and eliminates long confirmation times while enabling them to benefit from Ethereum's robust security model. As the leading scaling platform, Polygon helps take the load off the Ethereum mainnet and execute transactions off-chain, offering lower gas fees and higher throughput without compromising on security.

As a carbon-neutral network, Polygon also ensures that each transaction's carbon footprints are entirely offset. The platform has pledged to become carbon-negative by the end of the year and committed $20 million (roughly Rs. 160 crore) to sustainability projects.

"We're delighted Robinhood has introduced on-chain support for MATIC deposits and withdrawals, further enhancing their impressive suite of integrated services, enabling access to the Coinbase wallet and Metamask, making accessing digital currencies and now MATIC as seamlessly as possible for their users," said Hamzah Khan, Head of DeFi at Polygon.

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Further reading: Cryptocurrency, Robinhood, Polygon
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