The US stock and cryptocurrency investment software Robinhood, which Polygon recently acquired, has begun to enable MATIC withdrawals and deposits on the Polygon Proof-of-Stake (PoS) network. With this change, Robinhood customers will finally be able to take advantage of all Ethereum’s Layer-2 (L2) services, like increased throughput and reduced fees compared to ETH.
The change comes after Robinhood recently declared that it supported customers’ bitcoin wallets, enabling anybody to deposit and withdraw crypto. This is significant since customers can now move MATIC to and from the Polygon network through Robinhood without spending bridging costs in addition to buying and trading.
The announcement follows Polygon’s MATIC token’s recent debut on Robinhood, which enables users to purchase and trade MATIC in the app easily. Only big crypto exchanges such as Binance, Crypto.com, and many more now offer this feature.
AAVE, Uniswap, and Balancer are just a few of the more than 37,000 decentralized applications that have been utilized on-chain as a consequence of the integration, which empowers Robinhood clients to utilize the MATIC on the Proof-of-Stake chain to undertake a variety of tasks like lending, having to borrow, providing liquidity, switching for other tokens on the Polygon PoS chain, and many other utilization instances. Polygon was a natural fit for Robinhood as it enables customers to take advantage of Ethereum’s strong security architecture while allowing users to save money on charges and shorten confirmation times.
By executing transactions off-chain and relieving some of the pressure on the Eth network, Polygon, the industry’s top scaling system, provides reduced gas prices and greater bandwidth without sacrificing security.
As a carbon-neutral system, Polygon also ensures that all the carbon emissions associated with each trade are balanced. The company has dedicated $20 million to sustainability initiatives and promised to become carbon-negative by the end of the year 2022.
By permitting access to the Coinbase wallet and Metamask, Robinhood has further improved its remarkable range of integrated services, making it possible for its customers to use virtual currencies and MATIC as quickly as possible.
In April, Solana, Polygon, and the Shiba Inu coin were added to Robinhood’s list of users’ accessible cryptocurrencies. The most recent additions raise Robinhood’s total number of cryptocurrency offerings to 11, including other widely traded cryptocurrencies like Bitcoin and Ethereum.
The firm’s system may be one of the best and most legally compliant for the emerging asset class, even though the quantity is considerably lower compared to some of Robinhood’s biggest cryptocurrency rivals like Coinbase or Binance. Robinhood’s cryptocurrency business has seen sales increase from 4% to more than 30% of overall transaction-based revenues, highlighting growing demand from the developing crypto industry.