BitGo has significantly expanded its support for the Polygon ecosystem, introducing two major new services for MATIC token holders. Users can now securely custody the native MATIC asset on the Polygon chain and stake their ERC-20 MATIC tokens directly from their BitGo wallets. This upgrade provides a complete, institutional-grade solution for managing MATIC investments.
Previously, BitGo clients could only hold the ERC-20 version of MATIC without the ability to stake. This update represents a substantial enhancement, offering a more integrated and productive experience for both existing and new users looking to engage with the Polygon network.
Understanding Polygon and Its Growing Ecosystem
Polygon is a leading Ethereum scaling solution designed to facilitate faster transactions and significantly reduce gas fees compared to the Ethereum mainnet. Its full compatibility with the Ethereum Virtual Machine (EVM) allows developers to seamlessly port their Ethereum-based applications to a more efficient environment.
A key differentiator for Polygon is its early adoption of Proof-of-Stake (PoS). Its mainnet has been operating on a PoS consensus mechanism since May 2020—over two years before Ethereum’s own transition to Proof-of-Stake. In this system, validators secure the network by staking the network's native token, MATIC, and earn rewards paid in MATIC for their contribution.
The protocol has seen remarkable adoption from both Web3-native projects and major corporations entering the space. Several prominent examples highlight this trend:
- Stripe: The global payment platform built its Stripe Connect service for freelancers and small businesses using USDC stablecoin on the Polygon network.
- Robinhood: The popular trading platform selected Polygon as the exclusive network for the beta rollout of its self-custody cryptocurrency wallet.
- Nike: The sportswear giant launched its .SWOOSH platform for virtual creations, an experience built on and powered by Polygon.
This corporate validation underscores Polygon's position as a robust and scalable infrastructure for the next generation of the internet.
How to Stake MATIC with BitGo
A crucial technical detail for users is that staking on the Polygon network is designed to work exclusively with the ERC-20 version of the MATIC token, not the native asset. BitGo’s new services are built to handle this nuance seamlessly, providing a straightforward staking process.
For existing BitGo clients, getting started is simple:
- To custody native MATIC: Log into your wallet dashboard and create a new "Polygon" wallet on the Polygon chain.
- To custody ERC-20 MATIC: From your dashboard, create a "MATIC" wallet on the Ethereum (ETH) chain.
- To stake ERC-20 MATIC: Navigate to your BitGo ETH wallet, select the staking function, and specify the amount of MATIC you wish to stake.
This integrated approach allows you to securely manage your assets and earn rewards without needing to use multiple platforms. 👉 Explore secure staking strategies
For prospective clients, you can learn more about BitGo’s comprehensive digital asset solutions, including these new MATIC features, by reaching out to their team.
Leadership Perspectives on the Integration
The expansion of services was met with positive feedback from leaders at both companies, highlighting the importance of secure infrastructure for institutional adoption.
"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."
Frequently Asked Questions
What is the difference between native MATIC and ERC-20 MATIC?
Native MATIC exists on the Polygon PoS chain and is used for paying transaction fees (gas) on the network. ERC-20 MATIC is a token on the Ethereum blockchain. For staking on the Polygon network, you must use the ERC-20 version of the token.
Can I stake native MATIC directly on the Polygon chain?
No, by the chain’s design, staking only takes place using the ERC-20 version of MATIC. This is why BitGo requires you to stake from an Ethereum (ETH) wallet within their platform.
Why are major companies like Nike and Robinhood building on Polygon?
Companies choose Polygon for its scalability, low transaction costs, and full compatibility with Ethereum. This allows them to offer a smooth Web3 user experience without the high fees and slow speeds sometimes associated with the Ethereum mainnet.
Is my MATIC staking with BitGo secure?
Yes, BitGo is a regulated and leading digital asset custodian. Assets held in custody are stored in regulated cold storage, and their staking infrastructure is designed with institutional-grade security protocols.
How do I start if I am a new BitGo client?
New users interested in custodying or staking MATIC will need to sign up for a BitGo account. You can then follow the same steps to create the appropriate wallet for your needs.
What are the benefits of staking MATIC?
Staking MATIC helps secure the Polygon network and allows you to earn passive rewards paid in MATIC tokens. It’s a way to put your assets to work while contributing to the ecosystem's health. 👉 Learn more about earning rewards