Robinhood Adds Support For MATIC Transfers On Polygon Network

Retail brokerage Robinhood Markets Inc HOOD has enabled transfers on the Polygon MATIC/USD network.

What Happened: Robinhood said on Wednesday that users would be able to send and receive MATIC tokens on Polygon in addition to Ethereum ETH/USD.

Hey! You can now send and receive MATIC on the @0xPolygon network in addition to the @ethereum network. Support for more cryptocurrencies on more networks coming soon.

— Robinhood (@RobinhoodApp) August 31, 2022

Until recently, Robinhood users could only transfer a list of supported tokens on the Ethereum blockchain. The added support for multi-chain transfers on Polygon means that MATIC can be withdrawn on two blockchains as per the user’s choice.

Earlier this year, Robinhood unveiled plans for a multichain Web3 wallet that includes non-custodial features and the ability for users to trade and swap crypto with zero fees.

Self-custody, the Robinhood way. We are building a non-custodial wallet. A standalone app that is beautiful, intuitive and fast. https://t.co/J6s9nlPgcc

— VLAD (@vladtenev) May 17, 2022

Robinhood CEO Vlad Tenev had said the platform would let users easily access DeFi protocols and store NFTs on decentralized marketplaces while maintaining full control over their coins. 

“We’ve all seen crypto winters and crypto summers. And many of the protocols and products we’re talking about today were built during the last crypto winter,” said Tenev at the time.

See Also: HOW DOES ROBINHOOD MAKE MONEY?

Price Action: Robinhood shares were trading 0.94% lower after hours on Wednesday, according to data from Benzinga Pro.

ETH was trading at $1,550 at press time, up 1% over the last 24 hours, while MATIC was trading at $0.832, up 2.04%.