Robinhood announced back in July of this year that they will be continuing their collaboration with Polygon. The reported deal states that $MATIC ERC-20 deposits and withdrawals will be supported on the Robinhood trading platform. Polygon is the parent company that created Matic. Polygon was formerly called The Matic Network – before the renaming.
The new support will make it possible for all qualified users of the Robinhood app who have access to the WebWallets functionalities on the waitlist to now send and receive any Matic that is currently listed on the app.
According to the Robinhood website, users who are eligible to access withdrawal and deposit facilities also enjoy free trading, unlike other exchanges that charge trading fees. Robinhood’s continued aim is to democratize finances for everyone across the world. The co-founder of Polygon wrote on Twitter that the team “will continue to build the infrastructure for mass adoption of Polygon and Ethereum.”
As of this week, Robinhood is releasing the beta version of its web3 wallet, allowing users to swap assets on its non-custodial wallet. The “Robinhood Wallet” is Polygon based and will be accessible to the first 10,000 users who signed up for the testing period back in May 2022 – ahead of its public release.
The wallet will allow users to trade over 20 cryptocurrencies supported by the decentralized exchange aggregator 0x, without fees. The wallet will also allow users to connect to dapps and earn a yield on assets.
