Colorado's Denver - At Thursday's ETHDenver event, popular cryptocurrency and stock trading platform Robinhood revealed that its Robinhood Wallet customers will have access to swaps on Arbitrum, a layer-2 blockchain constructed on top of Ethereum.
The statement sent Arbitrum's ARB token soaring, with a price increase of almost 11% in the seconds following.
In the next months, the two organizations will collaborate "to support access to cross-chain swaps and other campaigns that lower the barriers to use Web3 on Robinhood Wallet," as stated in a news release that CoinDesk obtained. This would allow users of Robinhood Wallet to conduct transactions with Arbitrum.
Comparable to a rollup, Arbitrum is an auxiliary layer-2 blockchain that can handle transactions more quickly and at a lower cost than the main Ethereum blockchain
According to DefiLlama, Arbitrum has around $3.2 billion in total value locked (TVL) for Ethereum layer 2s, making it the leader in decentralized finance (DeFi).
As DeFi continues to lead on Arbitrum, we'll now see one of the most recognizable trading platforms bring low-cost in-app swaps to a wide audience of traders,"
said A.J. Warner, chief strategy officer at Offchain Labs, the primary developer firm behind the Arbitrum network, in the news release.
Accessing and transacting on L2s has historically been difficult to non-crypto natives, but Robinhood Wallet now helps strip away the complexities to help onboard those new to Web3," observed Johann Kerbrat, general manager of Robinhood Crypto.
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