BitGo is pleased to announce two new services for MATIC holders: wallets and custody for native MATIC and staking for ERC-20 MATIC. Previously, customers could hold the ERC-20 version, but staking was not available. Now, our clients have access to the full suite of services.
What is Polygon?
Polygon is a scaling solution for Ethereum that offers lower fees and faster transactions than the main Ethereum chain. Polygon is fully EVM-compatible and has operated according to a Proof of Stake (PoS) consensus mechanism since its mainnet went live in May 2020 — more than two years before Ethereum’s transition to PoS. Validators stake MATIC — the network’s native token — and receive rewards paid out in the same token.
Polygon has also seen widespread adoption from the corporate world, with many major Web2 companies choosing to use the MATIC chain for their first foray into Web3. These include:
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Stripe Connect — a payment platform for individuals, freelancers, and small businesses in 120 countries — is built using USDC on Polygon.
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Robinhood selected Polygon as their exclusive network for the rollout of their self-custody crypto wallet beta.
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Nike has launched Swoosh.Nike— a platform for Nike’s virtual creations — which is built on Polygon and powered by BitGo
“The world is shifting to Web3, and BitGo is laying the groundwork, one brick at a time,” said Chen Fang, COO of BitGo. “By offering more features for MATIC, we’re providing investors with a safer way to custody their assets, and providing platforms with the tools they need to build the future.”
Colin Butler, Global Head of Institutional Capital at Polygon Technology, added: “Polygon is extremely pleased that MATIC is now supported by BitGo, with custody options and staking made available to its institutional client base. Staking is extremely popular already amongst MATIC holders and we have no doubt that support from a leading custody provider like BitGo will only add to this.”
How MATIC staking works
Please note that — by the chain’s design — staking only takes place using the ERC-20 version of MATIC, rather than the native version.
Get Started
For existing BitGo clients:
To start custodying native MATIC, head to the wallet dashboard and create a “Polygon” wallet on the Polygon chain.
To start custodying ERC-20 MATIC, head to the wallet dashboard and create a “MATIC” wallet on the ETH chain.
In order to stake ERC-20 MATIC, go to your BitGo ETH wallet, and simply denote how much MATIC you would like to stake.
For prospective clients:
To learn more about BitGo’s offerings, including MATIC, schedule time with our team.
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About BitGo
BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.
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