Matip, 28, has become a prominent member of manager Jurgen Klopp's lineup during his three-plus seasons with the club. He spoke to Liverpool's official website when his new deal was announced:
"It's a great feeling to be a longer part of the club. It's really just a great feeling.
"From outside, you know Liverpool is such a big club – but when you are inside, then you really get a feeling for how big the club is. In all the countries, the supporters are everywhere. It's a massive and big club that I think every player would want to play for.
"We have a young and talented team and I think every one of us is hungry. Now we've seen how it is to win something and we want to have that feeling again."
The Cameroon international joined Liverpool on a free transfer in 2016 and has made 107 appearances for the club.
Virgil van Dijk tends to claim most attention among Liverpool's centre-back corps, but Matip has developed a cult following among the club's fans.
His success has been all the more valuable given he was released by Schalke prior to joining the Reds, playing a crucial role en route to last season's UEFA Champions League triumph:
OptaJoe recently illustrated the reinforcing effect Matip has on Liverpool, who appear to be at their strongest with him in the side:
It says a lot about Matip's quality that he's managed to keep a prospect like Joe Gomez out of Klopp's team for the most part.
Matip was named the Professional Footballers' Association Player of the Month for September as Liverpool continued their 100 percent start to the Premier League season.
Presenter Melissa Reddy referred to comments Klopp made earlier this year about securing the commitments of first-team stars for the long term:
Liverpool's resilient defence—the best in the Premier League this season, conceding just six goals—has been one trademark of Klopp's rise, and Matip will continue his reign alongside Van Dijk at Anfield.