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Robinhood Enables Polygon (Matic) Deposits, And Withdrawals


thecryptobasic.com 07 July 2022 16:44, UTC
Reading time: ~2 m

It’s good news for Robinhood users as Matic deposits and withdrawals come to Robinhood.

Robinhood announced that it would be collaborating with Polygon. Polygon is the parent company that created Matic. Polygon was formerly called The Matic Network – before the renaming.

The announced deal states that the MATIC ERC-20 deposits and withdrawals will be supported on the Robinhood trading platform.

$MATIC ERC-20 deposit/withdrawal support is now available on Robinhood.

All eligible @RobinhoodApp users who signed up for the WebWallets waitlist are now able to send and receive any of the cryptocurrencies currently available on the app.

🌐: https://t.co/r8QFWrn9fP pic.twitter.com/xlVCTWOnMk

β€” Polygon – MATIC πŸ’š (@0xPolygon) July 7, 2022

Users To Benefit

The support makes it possible for all qualified users of the Robinhood app who have access to the WebWallets functionalities on the waitlist can now send and receive any Matic that is currently listed on the app.

According to the Robinhood website, users who are eligible to access withdrawal and deposit facilities also enjoy free trading, unlike other exchanges that charge trading fees. Robinhood rids on the idea of democratizing finances for everyone across the world.

Please remember that While the deal is great, it doesn’t cover the listing of the Matic crypto coin on Robinhood as the exchange already listed Matic on April 12th, 2022 for one, Robinhood serves millions of users.

Co-founder of Polygon says the team β€œwill continue to build the infrastructure for mass adoption of Polygon and Ethereum.”

.@0xPolygon $MATIC deposits and withdrawal are live on @RobinhoodApp. πŸ”₯

Continuing to build the infrastructure for mass adoption of Polygon and Ethereum. πŸ’«πŸ¦„ https://t.co/V0uDWZs3Eh

β€” Mihailo Bjelic (@MihailoBjelic) July 7, 2022

Matic Already Winning

The announcement of the deal between Polygon and Robinhood is already making waves in the crypto markets. At the time of this writing, Matic/Polygon is already up by around 5%. The coin is currently worth around $0.54, with a market cap of around $4.3 billion and a trading volume of over half a billion.

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