DENVER, CO – Robinhood, the popular trading platform for stocks and cryptocurrencies, announced Thursday at ETHDenver that it will allow Robinhood Wallet users to access Swaps on Arbitrum, a layer 2 blockchain on top of Ethereum.
Arbitrum's ARB token soared on the news, rising more than 11% immediately after the announcement.
According to a press release seen by CoinDesk, Robinhood Wallet users will trade with Arbitrum and over the coming months the two companies will “support access to cross-chain swaps and other campaigns that lower the barriers to using Web3. The company plans to work to achieve this goal. Robin Hood wallet. ”
Arbitrum is a supplementary layer 2 blockchain, also known as a rollup, that processes transactions cheaper and faster than the main Ethereum blockchain. Arbitrum is the leader in decentralized finance (DeFi) Total Value Locked (TVL) when it comes to layer 2 of Ethereum, with approximately $3.2 billion in funding, according to DefiLlama.
“As DeFi continues to lead with Arbitrum, one of the most popular trading platforms will bring low-cost in-app swaps to a wide range of traders,” said Chief Strategy Officer at Offchain Labs, a leading institution. said AJ Warner. The development company behind the Arbitrum network, in a press release.
“Accessing and trading L2 has historically been difficult for non-crypto natives, but Robinhood Wallet removes that complexity and helps those new to Web3,” said Johann Kerbrat, general manager of Robinhood Crypto. ”.
Updated (February 29, 2024, 18:43 UTC): ARB added that it jumped on the news.
