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:

  • Stripe Connect — a payment platform for individuals, freelancers, and small businesses in 120 countries — is built using USDC on Polygon.

  • Robinhood selected Polygon as their exclusive network for the rollout of their self-custody crypto wallet beta.

  • 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.

About BitGo

BitGo is the leading infrastructure provider of digital asset solutions, offering custody, wallets, staking, trading, financing and settlement out of regulated cold storage. Founded in 2013, BitGo is the first digital asset company to focus exclusively on serving institutional clients. BitGo is dedicated to advancing a digital financial services economy that is borderless and accessible 24/7. With multiple Trust companies around the world, BitGo is the preferred security and operational backbone for more than 1,500 institutional clients in 50 countries, including many of the world’s top brands, cryptocurrency exchanges and platforms. BitGo also secures approximately 20% of all on-chain Bitcoin transactions by value and is the largest independent digital asset custodian. For more information, please visit www.bitgo.com.

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