Arbitrum and Robinhood Partnership Ushers in New Era for Decentralized Finance Swaps

Author: CoinSense

Ethereum scaling solution Arbitrum has partnered up with trading app giant Robinhood to announce a new token swap integration in Robinhood’s self-custody wallet.

The companies made the joint announcement yesterday at the ETHDenver conference.

The new integration lets Robinhood Wallet users transact with Arbitrum. In the coming months, the two companies will provide support for several cross-chain token swaps that will tap the layer 2 for its cheap transaction costs and high speeds.

Robinhood Wallet launched a year ago for iOS as a self-custodial wallet, meaning it lets users hold their own private keys. Its Android equivalent is still in beta and will full launch soon.

The wallet currently supports payments on the Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism and Base networks.

Robinhood’s General Manager Johann Kerbrat said in a press statement: “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, the Chief Strategy Officer at Arbitrum developers Offchain Labs also said in the release: “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.”

Beyond Arbitrum, Robinhood Anticipates Further Adoption

Robinhood clearly expects its crypto operations to expand further. In December, the popular trading app announced commission-free crypto trading for its EU customers.

The company also leapt on the opportunities provided to it by the January 10 launch of 11 spot Bitcoin ETFs by listing all of them on its app.

Earlier this month, Robinhood announced a partnership with Metamask. It gives US users the ability to directly purchase crypto on Robinhood through their Metamask apps.

In an earnings call mid-February, the trading app declared its transactions-based revenues in Q4 2023 rose 8% compared to the same quarter the preceding year. The company attributed this to an uptick (10%) in cryptocurrencies revenue—$43 million in the quarter.

This week Robinhood announced an NFT giveaway in collaboration with Notable.art. Robinhood Wallet users can participate to win exclusive art by American artist Hunt Slonem.