TL;DR
- Robinhood Wallet and Arbitrum have announced a partnership that will provide Robinhood Wallet users with access to swaps on the Arbitrum network, a Layer-2 blockchain atop Ethereum.
- The collaboration aims to lower the barriers to using web3 on Robinhood Wallet by supporting access to cross-chain swaps and other campaigns, thereby democratizing web3 and empowering users to explore its potential in finance.
- With this partnership, Robinhood and Arbitrum are advancing DeFi accessibility and setting the stage for a future where crypto transactions are as simple and cost-effective as possible.
Robinhood Wallet and Arbitrum have announced a collaboration that will provide Robinhood Wallet users with access to swaps on the Arbitrum network. This partnership was unveiled at ETHDenver and is set to revolutionize the way users interact with Layer 2s (L2s) by simplifying access to Arbitrum swaps through decentralized exchanges.
We’re very excited to announce a long-term collaboration with @RobinhoodApp that will encompass features dedicated to lowering the barrier for onboarding new users into Web3 through #RobinhoodWallet 💙🧡🪶https://t.co/m4s1cjWbKt
— Arbitrum (💙,🧡) (@arbitrum) February 29, 2024
Arbitrum, a Layer-2 blockchain atop Ethereum, offers advanced scaling solutions that will now be accessible to Robinhood Wallet users. This implies that users can benefit from quick transaction times and minimal transaction fees on one of the most widely used networks in the cryptocurrency ecosystem.
Johann Kerbrat, General Manager of Robinhood Crypto, highlighted the importance of this collaboration. He stated:
“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.”
The Future of Web3 and DeFi with Robinhood and Arbitrum
The partnership aims to lower the barriers to using web3 on Robinhood Wallet by supporting access to cross-chain swaps and other campaigns in the coming months. This is a significant step towards democratizing web3 and empowering users to explore the potential of web3 in finance.
A.J. Warner, the Chief Strategy Officer at Offchain Labs, which is the leading development company for the Arbitrum network, conveyed his enthusiasm about the partnership. He said:
“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.”
Robinhood Wallet is a self-managed wallet that enables users to possess the private keys to their digital assets, thereby granting them complete control over their cryptocurrency. With this partnership, Robinhood and Arbitrum are advancing DeFi accessibility and setting the stage for a future where crypto transactions are as simple as possible.
Arbitrum, a secondary blockchain layer known as a roll-up, facilitates transactions at a lower cost and higher speed than the primary Ethereum blockchain. It is a frontrunner in the decentralized finance (DeFi) sector in terms of total value locked (TVL) on Ethereum’s layer 2, with an approximate value of $3.2 billion, as reported by DefiLlama.
