Robinhood integrates with Arbitrum for efficient crypto swaps

The collaboration was announced at the ETHDenver conference, where Robinhood revealed that its wallet users would now be able to transact with Arbitrum, leveraging the layer-2 network’s lower transaction costs and higher speeds. The integration is part of Robinhood’s broader strategy to expand its cryptocurrency services, including commission-free crypto trading in the EU and a recent partnership with Metamask.

The partnership between Robinhood and Arbitrum is expected to facilitate easier access to decentralized finance (DeFi) for non-crypto natives by reducing the complexity of layer-2 transactions. The Robinhood Wallet, which supports multiple networks including Ethereum, Bitcoin, and Dogecoin, will soon fully launch on Android following its iOS debut last year.

Arbitrum’s ARB token saw an 11% increase in value following the announcement, with its price reaching $1.98. The total value locked (TVL) in Arbitrum has surged to $3.27 billion, indicating a growing adoption of layer-2 blockchain solutions. Robinhood’s recent financial reports show a rise in transactions-based revenue, with a 10% increase in cryptocurrency revenue, highlighting the platform’s growing focus on digital asset trading.

In addition to the Arbitrum integration, Robinhood has been actively pursuing crypto-related initiatives, including listing 11 spot Bitcoin ETFs and launching an NFT giveaway in collaboration with Notable.art. These efforts reflect the company’s commitment to providing a diverse range of crypto services to its users.