By
Godfrey Benjamin
April 29th, 2024
After several weeks of beta testing, the Arbitrum swaps are now officially available to the public. Arbitrum has a total of $14 billion locked in its smart contracts.
In the latest announcement on Thursday, February 29, Robinhood Wallet announced a partnership with Arbitrum. This marks a significant stride towards facilitating token swaps on Ethereum‘s premier Layer 2 network, boasting the highest total value locked.
As per the data from L2Beat, Arbitrum has a total of $14 billion locked in its smart contracts. According to Johann Kerbrat, the general manager of Robinhood Crypto, Arbitrum swaps have been in beta testing for “several weeks” and are now officially available to the public today.
Token swapping involves the direct exchange of one token for another, bypassing the need to convert it into fiat currency beforehand. In its announcement on Thursday, Robinhood Wallet stated:
“By opening access to Arbitrum’s advanced scaling solutions, Robinhood Wallet users can now take advantage of low transaction costs and fast transaction speeds on one of the most popular networks in the crypto ecosystem.”
According to its website, Robinhood Wallet additionally provides support for Ethereum and Polygon networks for swaps through decentralized exchange aggregators like 0x API and LI.FI. Notably, the wallet does not impose any service fees on token swaps.
Launched last year in 2023, the Robinhood Wallet is presently exclusively accessible on iOS devices. However, the Android version of the wallet is currently undergoing beta testing, with a public waitlist available for registration. Johann Kerbrat mentioned that it’s anticipated to be officially launched in the forthcoming months.
Moreover, as per its website, this self-custodial wallet offers support for crypto send and receive functions across various networks including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base.
Robinhood’s Growing Crypto Adoption
As the crypto regulatory space gets more and more transparent, Robinhood has been increasing its exposure to the crypto market. In addition to the Arbitrum integration, the Robinhood crypto platform also announced support for Solana-based memecoin Dogwifhat (WIF), along with a ton of other digital assets.
Over the last month, Robinhood (NASDAQ: HOOD) stock has surged by a staggering 50%, amid a strong rally on Wall Street. This rally comes on the backdrop of stellar profits reported last quarter, supported by the surge in crypto trading on the Robinhood platform.
Robinhood revealed a strategic alliance with MetaMask, a ConsenSys product, aimed at simplifying the process of purchasing cryptocurrencies. This partnership will elevate user experience by melding Robinhood’s cost-effective order engine with MetaMask’s extensively utilized digital wallet, thereby offering a more seamless and secure pathway for users to interact with Web3 technologies.