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Recently, the leading American brokerage business Robinhood has been actively increasing its bitcoin support. The broker has just added support for MATIC deposits and withdrawals amidst a flurry of cryptocurrency asset listings.
Robinhood users can send and receive MATIC on Polygon.
Wednesday, Robinhood announced that it now supports MATIC deposits and withdrawals on the Polygon network. This feature complements the already supported Ethereum network. Customers can directly send and receive MATIC via the Polygon blockchain.
Hey! You can now send and receive MATIC on the @0xPolygon network in addition to the @ethereum network. Support for more cryptocurrencies on more networks coming soon.
— Robinhood (@RobinhoodApp) August 31, 2022
Customers anticipate more of this in the future, as Robinhood will soon offer additional coins on more networks. Robinhood added MATIC to its platform in April among SHIB, COMP, and others. To date, the platform has restricted MATIC transactions to the Ethereum network.
The development was noted on Polygon’s official blog. The move is expected to deliver all of Ethereum’s Layer-2 (L2) solutions to Robinhood customers for the first time, including quicker transactions and lower costs than Ethereum.
MATIC has risen by more than 9% since the news.
Robinhood has approximately 20 million active users every month. Clients flocking to the Polygon network for MATIC transactions might considerably promote the network’s expansion. According to Santiment statistics, MATIC has experienced a significant rise in transaction volume over the previous 24 hours, just two days following the announcement.
Since the announcement, MATIC has risen by more than 9%. The news came after the asset rebounded from Tuesday’s decline to $0.78 per share, providing impetus to MATIC’s already-established surge. At the time of writing, MATIC is trading at $0.89, a gain of 6.51% in the last 24 hours.
Robinhood announced shortly after this news that it has listed Cardano. A couple of weeks before the Cardano Vasil update, support is provided. After a long period of ignoring cryptocurrencies, Robinhood has turned its attention to the cryptocurrency industry. The ongoing Crypto Winter has likewise did not affect the broker’s disposition.