has enabled support for MATIC token deposits and withdrawals on the Polygon blockchain.
Users will be able to experience speedier transactions and lower fees than Ethereum thanks to the Layer-2 blockchain system.
Furthermore, on the Robinhood platform, users may now transfer MATIC without paying bridging costs. As a result, the MATIC may bounce to $1 as traders gain from the development.
Robinhood Adds Support for MATIC on Polygon Blockchain
According to an official announcement on September 1, commission-free trading platform Robinhood has begun accepting MATIC deposits and withdrawals on the Polygon blockchain. Furthermore, users may send MATIC tokens via the Polygon network without incurring bridging fees on Robinhood.
Polygon's head of DeFi, Hamzah Khan, stated, "We're happy Robinhood has launched on-chain support for MATIC deposits and withdrawals, further improving their impressive suite of integrated services, providing access to the Coinbase wallet and Metamask."
Robinhood users may now utilize MATIC tokens to do different tasks on the Polygon PoS chain, such as lending, borrowing, providing liquidity, and trading. Users may experiment with over 37,000 dApps on Polygon, including AAVE, Uniswap, and Balancer.
Polygon's MATIC token was recently listed on Robinhood in mid-April, with other tokens such as Compound (COMP), Shiba Inu (SHIB), and Solana (SOL). This enabled users to save funds and avoid long confirmation waits. Ethereum Layer-2 scaling solution Polygon enables users to cheaper gas prices and higher throughput while maintaining security.
MATIC Price Shows Strength
Polygon's MATIC is gaining traction, while other cryptocurrencies are lagging due to increased selling pressure. The MATIC price is currently trading at $0.8384. From the support level of $0.75, the price has risen by more than 2% in the past 24 hours and 7% in the last week.
If the MATIC price breaks over the $0.85 resistance level, it may retest $1. However, traders may have to wait a bit longer because the price is currently trading around the $0.75-$0.83 range. Robinhood's support for MATIC on Polygon is optimistic for the price.
