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Stock and crypto buying and selling app Robinhood has added assist for deposits and withdrawals of MATIC tokens on the Polygon blockchain. The Layer-2 blockchain answer will allow customers to take pleasure in sooner transactions and decrease charges than Ethereum. Moreover, customers can now switch MATIC with out paying bridging charges on the Robinhood platform.

The Polygon assist could push the MATIC to rebound to $1 as merchants will profit from the event.

Robinhood Adds Support for MATIC on Polygon Blockchain

Commission-free buying and selling app Robinhood has launched deposits and withdrawals for MATIC on the Polygon blockchain, as per an official announcement on September 1. In addition, customers can switch MATIC tokens by means of the Polygon community with out paying bridging charges on Robinhood.

Hamzah Khan, head of DeFi at Polygon, stated:

“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 customers can now use MATIC tokens to carry out numerous duties together with lending, borrowing, offering liquidity, and swapping on the Polygon PoS chain. More than 37,000 dApps on Polygon corresponding to AAVE, Uniswap, and Balancer allow customers to discover a number of use circumstances.

Robinhood just lately listed Polygon’s MATIC token in mid-April, together with different tokens corresponding to Compound (COMP), Shiba Inu (SHIB), and Solana (SOL). This allowed customers to save lots of charges and eradicate lengthy affirmation occasions. Ethereum Layer-2 scaling answer Polygon permits decrease fuel charges and better throughput with out compromising safety.

MATIC Price Shows Strength

Polygon’s MATIC is displaying energy whereas different cryptocurrencies proceed to tug amid rising promoting stress. Currently, the MATIC value is buying and selling at $0.83. The value jumped over 3% within the final 24 hours and 10% in every week from the assist at $0.75.

The MATIC value can retest $1 if it breaks above the resistance level at $0.85. However, merchants could have to attend a little bit extra as the worth is buying and selling between the $0.75-$0.83 vary. Robinhood’s assist for MATIC on Polygon is bullish for the worth.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is presently overlaying all the most recent updates and developments within the crypto trade.

The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.