Robinhood Partners With Arbitrum to Ease Layer 2 Access

Popular trading app Robinhood and Arbitrum are teaming up to simplify access to Layer 2 networks (L2s) by offering Robinhood Wallet users the ability to swap tokens through decentralized exchanges on Arbitrum. The collaboration was unveiled today at ETHDenver.

Robinhood Wallet users can now benefit from lower transaction costs and faster transaction speeds on the leading L2 with over $12 billion in total value locked. ARB briefly spiked 10% on the news before retracing to $2.02.

“Ethereum gas fees are an essential part of securing the network, but these same fees can hinder adoption,” said Johann Kerbrat, General Manager of Robinhood Crypto. “Layer 2s like Arbitrum…help solve this problem for our users.

"This collaboration pushes web3 democratization forward and is poised to empower users to further explore the potential of web3 in finance," said A.J. Warner, Chief Strategy Officer at Offchain Labs, the company that developed Arbitrum.

Robinhood Wallet is a self-custody wallet that allows users to store and manage their digital assets on multiple blockchains, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base.

The partnership marks a significant step towards making Layer 2 solutions more accessible and user-friendly, potentially driving the broader adoption of DeFi.