Robinhood Allows Deposit, Withdrawal of MATIC Tokens on Polygon: Here’s What It Means for Traders

Robinhood, the stock and cryptocurrency trading app, has added support for MATIC token deposits and withdrawals on the Polygon blockchain. The Layer-2 blockchain solution will allow users to enjoy faster transactions and lower fees than Ethereum. Furthermore, users can now transfer MATIC without paying bridging fees on the Robinhood platform. Previously Robinhood users could only 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 Due to Polygon’s added support for multi-chain transfers, MATIC can now be withdrawn on two different blockchains.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 are eligible Robin Hood hero queued app users and those with access to WebWallets functions can now transfer any MATIC currently on the app. The Robinhood website states that in contrast to other exchanges that impose trading fees, users eligible for the withdrawal and deposit options on the app also get to trade for free. The Robinhood Foundation aims to democratize financial access for all people worldwide.

Polygon a great fit for Robinhood as it allows users to save on fees and eliminate long confirmation times while allowing them to benefit from Ethereum’s robust security model. As the leading scaling platform, Polygon helps to reduce the load on the Ethereum mainnet and execute transactions off-chain, providing lower gas fees and higher throughput without compromising on security.

As a carbon neutral network, Polygon also ensures that the carbon footprint of each transaction is fully offset. The foundation has committed to becoming carbon negative by the end of the year and pledged $20 million (about 160 crore) to sustainability projects.

“We are delighted Robinhood has introduced online support for MATIC deposits and withdrawals, further enhancing their impressive suite of integrated services, allowing access to Coinbase wallet and MetamaskHamzah Khan, Head of DeFi at Polygon, said: