MATIC Poised For Huge Boost As Robinhood Enables Polygon For Its Over 20 Million Users

Top American brokerage firm Robinhood is actively expanding its cryptocurrency support of late. Amidst a crypto-asset listing spree, the broker has recently extended support for MATIC deposits and withdrawals.

Robinhood users can now send and receive MATIC on Polygon

Robinhood announced on Wednesday that it had added support for MATIC deposits and withdrawals on the Polygon network. This inclusion complements the Ethereum network already supported. Clients will now have the opportunity to send and receive MATIC via the Polygon blockchain.

Robinhood added that customers should expect more of this in the future, as it will support more cryptocurrencies on more networks soon. Robinhood listed MATIC on its platform sometime in April alongside SHIB, COMP and others. Nonetheless, the platform limited MATIC transactions to the Ethereum network until now.

Polygon acknowledged the development on its official blog site. “The move is set to bring all of the benefits of Ethereum’s Layer-2 (L2) solutions to Robinhood users for the first time, including faster transactions and lower fees as compared to Ethereum,” the blog post said. 

MATIC has gained by over 9% since the announcement

Robinhood boasts of over 20 million monthly active users. Clients flock to the Polygon network for MATIC transactions, which could significantly boost the network’s growth. Per data from Santiment, barely two days after the announcement, MATIC saw a sharp increase in transaction volume in the past 24 hours.

Since the announcement, MATIC has gained by over 9%. Reports of the development came at a time when the asset recovered from its dip to $0.78 on Tuesday. The announcement contributed momentum to an already established rally from MATIC. MATIC currently trades at $0.89 at the time of reporting, with a gain of 6.51% in the past 24 hours.

Shortly after this announcement, Robinhood noted that it had listed Cardano. The support comes a few weeks before the Cardano Vasil upgrade. Following an extensive period of snubbing cryptocurrencies, Robinhood has set its eyes on the crypto sector. The persistent Crypto Winter has also done little to discourage the broker.