March 2, 2024

Robinhood Teams Up with Arbitrum for Faster, Cost-effective Cross-Chain Transactions

Robinhood and Arbitrum join forces to revolutionize DeFi accessibility and innovation.

Robinhood has announced its partnership with Arbitrum One, selecting it as the platform for its upcoming cross-chain swaps feature. This decision stems from Arbitrum's reputation for low transaction costs, swift transaction speeds, and a dynamic community, as per a recent statement from Arbitrum. The aim is to break down entry barriers for new users venturing into the Web3 space via the Robinhood Wallet.

Renowned for its optimized layer 2 solutions for Ethereum, Arbitrum One offers scalability and reduced fees, vital elements for the mainstream adoption of blockchain technology. The collaboration may potentially encompass integrations with Arbitrum-native decentralized finance (DeFi) applications, aligning with Robinhood's broader strategy to enrich its ecosystem campaigns, as outlined in a recent blog post.

Johann Kerbrat, General Manager of Robinhood Crypto, underscored the significance of layer 2 solutions like Arbitrum in tackling Ethereum's high gas fees, which often dissuade newcomers. Kerbrat stated:

"Layer 2s like Arbitrum, which is currently the leading chain by total-locked value, help solve this problem for our users. 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."

A.J. Warner, Chief Strategy Officer at Offchain Labs, the entity behind Arbitrum, expressed enthusiasm regarding the potential implications of introducing low-cost in-app swaps to a broader audience. Warner remarked:

"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. This collaboration pushes web3 democratization forward and is poised to empower users to further explore the potential of web3 in finance."

Robinhood Wallet aims to serve as a user-friendly entry point to the Web3 realm. Supporting multiple networks such as Bitcoin and Dogecoin, it provides intuitive interfaces for beginners alongside advanced tools for seasoned users.

Last August, Robinhood introduced in-app swaps for Ethereum and Polygon, granting users access to decentralized apps and the ability to trade over 200 tokens across these two chains.

While presently accessible on iOS, the Android version of the wallet is undergoing beta testing and slated for imminent release.

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