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Thursday, April 18, 2024

Robinhood Partners With Arbitrum to Optimize Swaps on Web3 Wallet

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Online stock and crypto brokerage firm Robinhood has teamed up with the management team of the Ethereum-based layer-2 network Arbitrum to give its wallet users access to swaps on the protocol.

According to a release seen by CryptoPotato, the duo announced the alliance on February 29 at the ETHDenver 2024 event in Colorado, saying the collaboration would simplify the path to layer-2 networks.

Robinhood Wallet Taps Arbitrum for Coin Swaps

Robinhood Wallet users will be able to leverage low costs and fast transaction speeds on Arbitrum’s scaling solutions. The teams are working toward supporting access to cross-chain swaps in the coming months.

Johann Kerbrat, general manager of Robinhood Crypto, commented on the development: “Ethereum gas fees are an essential part of securing the network, but these same fees can hinder adoption. 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.”

As a self-custody crypto wallet, Robinhood Wallet provides a platform for users to store and manage their assets on several networks, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base while holding their private keys and retaining full ownership of their coins.

Advancing User Accessibility to DeFi

Enabling Arbitrum swaps through decentralized exchanges is part of a joint commitment from Robinhood and Arbitrum to advance user accessibility to decentralized finance. Robinhood Wallet recognizes the diverse needs of its user base and intends to integrate a wide range of features to accommodate the various levels of experiences.

“Adding Robinhood Wallet into the Arbitrum ecosystem is an exciting moment for the community. 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,” remarked A.J. Warner, chief strategy officer of Offchain Labs, the developer of the Arbitrum network.

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