August 31, 2022

Robinhood Launches Deposits and Withdrawals for MATIC on the Polygon Network

Today, we’re thrilled to announce that Robinhood, the popular stock and crypto investing app in the US, has launched support for deposits and withdrawals of MATIC on the Polygon Proof-of-Stake (PoS) chain. The move is set to bring all of the benefits of Ethereum’s Layer-2 (L2) solutions to Robinhood users for the first time, including faster transactions and lower fees as compared to Ethereum.

The development follows Robinhood’s recent announcement that it supports individual users’ cryptocurrency wallets so anyone can deposit and withdraw crypto. This is important because, in addition to buying and selling, users can now transfer MATIC to and from the Polygon network via Robinhood without paying bridging fees.

The news comes shortly after the listing of Polygon’s MATIC token on Robinhood, allowing users to freely buy and sell MATIC in the app. Functionality that is only currently provided by major cryptocurrency exchanges like Binance, Crypto.com, and many others.

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 tokens on the Polygon PoS chain, and multiple other use cases available to them on the PoS chain through more than 37,000 dApps deployed on-chain like AAVE, Uniswap, and Balancer.

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 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.

Keep an eye on our blog for the latest news from the Polygon ecosystem!