Leading crypto and stock exchange Robinhood is making crypto trading easier by adding Arbitrum swaps to its wallet. Following the announcement, the altcoin price saw an increase of over 12 percent. This move aims to simplify crypto trading and attract more users to decentralized finance.
The exchange integrates Arbitrum swaps, the altcoin price jumped!
Robinhood users can soon expect access to Arbitrum swaps via Robinhood Wallet. Arbitrum functions as a layer-2 blockchain on top of Ethereum. The project provides faster and more cost-effective transaction processing than the Ethereum main-net. The inclusion of Arbitrum swaps in Robinhood Wallet marks a pivotal moment in allowing users to participate in cross-chain swaps and other initiatives aimed at making it easier to use Web3 on the platform.
The announcement of Robinhood’s integration with Arbitrum led to a surge in the value of Arbitrum’s native token, ARB. Following the announcement, ARB experienced a significant increase, gaining over 12%. The altcoin rose from $1.78 to $2.04 during the day. Although it later lost some altitude, ARB maintains these high levels. At the time of writing, the token is trading at $1.98, up approximately 11% on a daily basis.
This increase underscores the importance of mainstream platforms adopting layer-2 solutions like Arbitrum. Thus, facilitating wider accessibility and adoption in the crypto ecosystem.
Easier access to DeFi opportunities
With Arbitrum’s prominence in the DeFi space and its total value locked (TVL) of approximately $3.2 billion, Robinhood’s decision to include Arbitrum swaps has profound implications for traders. AJ Warner, Director of Strategy at Offchain Labs, the main developer behind Arbitrum, said Robinhood’s large user base now has access to low-cost in-app exchanges. He also expressed optimism about the collaboration, emphasizing that it democratizes access to DeFi.
Robinhood Crypto General Manager Johann Kerbrat shared his views on the development. Kerbrat emphasized the platform’s commitment to simplifying the complexity of trading on layer-2 solutions for non-crypto natives. By integrating Arbitrum swaps into Robinhood Wallet, the platform aims to streamline the onboarding process for individuals new to Web3, effectively lowering barriers to entry and encouraging greater participation in the evolving decentralized ecosystem.
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