Robinhood, a 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. Furthermore, users can now transfer MATIC to the Robinhood platform without paying bridging fees. Robinhood users were previously only able to transfer a list of tokens supported on the Ethereum blockchain. Thanks to Polygon’s added support for multi-chain transfers, MATIC can now be drawn on two different blockchains.
From now on, all eligible Robinhood app users in the queue and who have access to WebWallets functionality can now transfer any MATIC currently available on the app. The Robinhood website claims that unlike other exchanges that impose trading fees, eligible users also get free trading using the withdrawal and deposit options on the app. The Robinhood Foundation aims to democratize access to finance for all people around the world.
Polygon was a perfect fit for Robinhood because it allows users to save money on fees and eliminates long confirmation times while enabling them to take advantage of Ethereum’s strong security model. As the leading scaling platform, Polygon helps reduce the load on the Ethereum mainnet and complete off-chain transactions by offering lower gas fees and higher throughput without compromising security.
As a carbon-neutral network, Polygon also ensures that the carbon footprints of each transaction are fully offset. The platform has pledged to become carbon-negative by the end of the year and has committed $20 million (roughly Rs. 160 crore) to sustainable projects.
“Robinhood has launched on-chain support for MATIC deposits and withdrawals, further expanding their impressive suite of integrated services, enabling access to Coinbase wallets and Metamask, access to digital currencies and now making MATIC as seamless as possible for its users. said Hamzah Khan, Head of DeFi at Polygon.
