MATIC to benefit from Robinhood’s 20 million Polygon users

Polygon, Matic
Polygon poised for a boost

The leading American brokerage Robinhood is actively increasing its support for cryptocurrency in recent months.

The broker has added MATIC deposits and withdrawals amid a flurry of new cryptocurrency listings

Robinhood users can send on Polygon

On Wednesday, Robinhood announced that it would begin accepting MATIC deposits and withdrawals via the Polygon network.

This support is an addition to the Ethereum network. The Polygon blockchain will now allow clients to send and receive MATIC.

Further expansion of Robinhood’s cryptocurrency and network support is forthcoming, so users can expect more of the same in the near future.

On or around the month of April, Robinhood added MATIC to its platform alongside SHIB, COMP, and others. However, up until today, the platform has only allowed MATIC transactions on the Ethereum network.

In a post to its official blog, Polygon noted the new information.

In a blog post, Robinhood promised that the change would “bring all the benefits of Ethereum’s Layer-2 (L2) solutions to its users for the first time,” including “faster transactions and lower fees as compared to Ethereum.”

MATIC gained 9% since the announcement

Robinhood has around 20 million active users per month. Polygon’s growth may be greatly aided by the fact that its users are flocking there for MATIC transactions.

According to Santiment data, MATIC’s transaction volume spiked dramatically in the last 24 hours after the announcement was made, just two days after the announcement was made.

MATIC is up by more than 9 percent after the news broke. The asset has now rebounded from Tuesday’s low of $0.78 after the news broke.

The announcement bolstered MATIC’s already strong uptrend. At the time of writing, MATIC was trading at $0.89, up 6.51 percent in the last 24 hours.

Robinhood made the news that it now supported Cardano shortly after the initial announcement. This backing is timely, arriving just before the Cardano Vasil upgrade.

After ignoring the cryptocurrency market for quite some time, Robinhood has decided to enter the space. The broker has not been deterred by the ongoing Crypto Winter.