Stock and crypto trading app Robinhood 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. Moreover, users can now transfer MATIC without paying bridging fees on the Robinhood platform.
The Polygon support may push the MATIC to rebound to $1 as traders will benefit from the development.
Robinhood Adds Support for MATIC on Polygon Blockchain
Commission-free trading app Robinhood has launched deposits and withdrawals for MATIC on the Polygon blockchain, as per an official announcement on September 1. In addition, users can transfer MATIC tokens through the Polygon network without paying bridging fees on Robinhood.
Hamzah Khan, head of DeFi at Polygon, said:
“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.”
Robinhood users can now use MATIC tokens to perform various tasks including lending, borrowing, providing liquidity, and swapping on the Polygon PoS chain. More than 37,000 dApps on Polygon such as AAVE, Uniswap, and Balancer enable users to explore multiple use cases.
Robinhood recently listed Polygon’s MATIC token in mid-April, along with other tokens such as Compound (COMP), Shiba Inu (SHIB), and Solana (SOL). This allowed users to save fees and eliminate long confirmation times. Ethereum Layer-2 scaling solution Polygon enables lower gas fees and higher throughput without compromising security.
MATIC Price Shows Strength
Polygon’s MATIC is showing strength while other cryptocurrencies continue to drag amid rising selling pressure. Currently, the MATIC price is trading at $0.83. The price jumped over 3% in the last 24 hours and 10% in a week from the support at $0.75.
The MATIC price can retest $1 if it breaks above the resistance level at $0.85. However, traders may have to wait a little more as the price is trading between the $0.75-$0.83 range. Robinhood’s support for MATIC on Polygon is bullish for the price.