We’re thrilled to announce that Kraken now supports deposits and withdrawals of Polygon (MATIC) on the Polygon Network! If you previously deposited MATIC to Kraken over the Polygon network, your deposit should now be credited in your account.
In addition to supporting MATIC natively on Polygon, we will continue to support deposits and withdrawals of MATIC on the Ethereum network (ERC-20).
Funding, trading and staking
Funding and trading are already live. You can transfer MATIC tokens to your Kraken account by navigating to Funding, selecting MATIC and in the drop-down box the desired deposit method (network): either Ethereum (ERC-20) or Polygon network. Please note that any other deposit methods will result in lost MATIC tokens.
Earn up to 14% in yearly rewards by staking your MATIC from the Earn section of your Kraken account or from your Pro mobile app. MATIC staking on Kraken is gasless, meaning there are no network transaction fees for staking and unstaking or for claiming and withdrawing staking rewards. Additionally, Kraken makes it easy for you to stake and unstake at any time, with no lockup periods.
Here’s what you need to know about the asset:
Polygon (MATIC) is a Layer 2 scaling solution and development infrastructure for Ethereum. Polygon increases the transaction throughput for Ethereum-based assets and uses a modular framework to support the execution of interoperable smart contracts. MATIC is the utility token of the platform which is used to pay for network transaction fees, earn rewards for securing the network through staking and vote on decisions that affect the future of the platform.
Check out the Kraken Learn Center guide What is Polygon? to learn more.
Will Kraken make more assets available?
Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be making available in the future.
Trade with caution
There is no guarantee that a limit order will execute. There is also no guarantee a market order will execute at a certain price. The availability and liquidity of the particular digital asset will impact these types of orders.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position.
- Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://blog.kraken.com/post/16203/matic-deposits-and-withdrawals-available-on-the-polygon-network/
