Robinhood Launches Deposits and Withdrawals via Polygon

Polygon Labs

July 7, 2022

Today, we’re thrilled to announce that Robinhood, the popular stock and crypto trading app, has launched support for deposits, withdrawals, and transactions via Polygon. The move is set to bring all of the benefits of Ethereum Layer 2 to users of the exchange for the first time.

The development follows Robinhood’s recent announcement that they would support individual user cryptocurrency wallets so anyone can deposit, withdraw or send assets from the platform without fees. The news also comes shortly after the listing of Polygon’s native token MATIC on Robinhood, unlocking buys and sells on the platform.

This means that Ethereum, MATIC, and all ERC20 tokens can be moved using Polygon, dramatically speeding up transactions while keeping fees to a bare minimum.

Transaction on Polygon’s carbon-neutral network means that the CO2 footprint of each transaction is completely offset. Moreover, Polygon has pledged to become carbon negative by the end of the year and committed $20 million to sustainability projects.

By leveraging Polygon, Robinhood users can save money on fees and interact with over 19,000 Polygon decentralized apps (dApps) — including DeFi blue chips such as Sushiswap, Curve, Aave, and Balancer — all from their Robinhood wallet.

Customers will be able to set up their wallet for integration with Polygon, then begin funding it from the off-platform wallet of their choosing. Once funded, users can use these assets to trade or send them to other users.

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