How to Buy Polygon (MATIC)

Polygon is a blockchain network that aims to decrease transaction costs by increasing network efficiency of the Ethereum blockchain. Ethereum is the largest smart contract platform in the blockchain space and has thousands of cryptocurrency projects built on top of its blockchain. A smart contract is a self-executing contract defined by a computer program, in which the terms and execution of the agreement are built into immutable code and recorded on a blockchain. Over time, increased network congestion has led to higher network gas fees and slower processing times on Ethereum.

Polygon is a Layer 2 network and sidechain solution for Ethereum, allowing developers to build compatible decentralized applications, many of which are used for decentralized finance proposes, on separate blockchains that link to the Ethereum main-chain.

The key objective of Polygon is to encourage mass adoption of cryptocurrencies and network interoperability by helping to improve Ethereum's transaction fees, throughput and speed.

In early 2021, the project rebranded from Matic Network to Polygon, but retained the ticker MATIC for its native ERC-20 crypto asset.

Want to dive deeper? Read Kraken’s What is Polygon? (MATIC) to learn more.

Check the current price of Polygon (MATIC) and other digital assets on our price pages.

The Polygon blockchain project originated from India in 2017, developed by Jaynti Kanani, Anurag Arjun, Mihailo Bjelic and Sandeep Nailwal. 

Two years later, the team secured over $5 million in ether— the native token of Ethereum — during an Initial Coin Offering (ICO). These funds allowed the formerly named Matic Network to launch in 2020. The project has since grown into a leading cryptocurrency project that ranks among the top cryptocurrencies by market cap available today.

Polygon is predominantly used to build decentralized applications that are compatible with the broader Ethereum ecosystem, enable cheaper transactions and benefit from Ethereum’s security. Leveraging Polygon’s blockchain technologies, it is possible to move assets such as ERC-20 tokens and non-fungible tokens (NFTs) from Ethereum to Polygon’s sidechain using Polygon’s cross-chain bridge.

Because Polygon uses proof-of-stake consensus, the native utility token, MATIC, can also be staked to allow holders to become network validators and earn rewards denominated in the MATIC crypto asset.

What makes Polygon unique?

Polygon is the largest Ethereum scaling solution project in the market and offers a wide range of products aimed at improving the network reliability, security, speed and transaction processing capabilities of Ethereum-based applications.

Among these tools is the world’s first zero-knowledge proof equivalent Ethereum virtual machine (zkEVM), which significantly improves network transaction throughput by bundling transactions together and committing them to the Ethereum blockchain as a single transaction. In addition, the fee is split between the bundled transaction senders to reduce costs.

According to the official website, Polygon saves its users over $140 million in daily ether fees through its suite of tools.

There are approximately 9 billion MATIC cryptocurrency tokens currently in circulation. This represents around 90% of its 10 billion maximum supply.

With more than a decade of experience, Kraken has established itself as a pillar of the cryptocurrency industry. While we have grown to now offer over 200 cryptocurrencies, we remain one of the best places to buy MATIC.

You can buy Polygon on Kraken with as little as $10 since each MATIC is divisible into smaller units. While you do not need to execute larger orders, Kraken’s advanced price discovery and execution technology helps offer some of the best rates of any cryptocurrency exchange.

Your verification level determines what you can do with your Kraken account. This can be located by signing into your account, selecting your name in the upper right and then selecting Get Verified. You will then see highlighted your current (pending or verified) level.

Dollar cost averaging is a popular strategy that allows you to invest in an asset at regular time intervals using fiat currencies (cash) and other payment methods like a bank transfer, regardless of its price. This sort of recurring buy strategy is designed to help build wealth over time while minimizing the impact of unpredictable price changes.

Kraken works hard to protect your MATIC
When you buy Polygon with Kraken, your crypto is automatically stored in our hot wallet — an accessible but highly secure place to keep your MATIC safe.

Kraken allows you to hold your own Polygon
Our rigorous security standards ensure that our users’ crypto is always safe on our platform. However, if you want to hold or transfer your Polygon, Kraken allows you to take full custody of your MATIC in the wallet of your choice, unlike many other fintech services. Polygon can easily be stored on hardware wallets, web, or mobile wallets.

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Disclaimer
Information provided in this “Learn” section is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Kraken makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.