Robinhood chose Arbitrum as the platform of choice for its upcoming cross-chain swaps feature, citing the latter’s low transaction costs, rapid transaction speeds, and vibrant community as key factors, according to a recent announcement from Arbitrum.
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
This move is aimed at reducing the entry barriers for new users into the Web3 space through the Robinhood Wallet.
Arbitrum One, known for its optimized layer 2 solutions for Ethereum, offers scalability and lower fees, which are critical for the mainstream adoption of blockchain technology.
The partnership is set to include potential integrations with Arbitrum-native decentralized finance (DeFi) applications, as part of a broader strategy to enhance Robinhood’s ecosystem campaigns in the future, Robinhood noted in a blog post.
Johann Kerbrat, General Manager of Robinhood Crypto, emphasized the importance of layer 2 solutions like Arbitrum in addressing the high gas fees on Ethereum that can deter new adopters.
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“Layer 2s like Arbitrum, which is currently the leading chain by total-locked value, help solve this problem for our users. 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,” said Kerbrat.
A.J. Warner, Chief Strategy Officer at Offchain Labs, the developer behind Arbitrum, expressed excitement about the potential impact of bringing low-cost in-app swaps to a broader audience.
“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. This collaboration pushes web3 democratization forward and is poised to empower users to further explore the potential of web3 in finance,” said Warner.
Robinhood Wallet strives to be a user-friendly gateway to the Web3 world. It supports multiple networks like Bitcoin and Dogecoin, and offers both user-friendly interfaces for beginners and advanced tools for experienced users.
In August last year, Robinhood introduced in-app swaps for Ethereum and Polygon, offering users access to decentralized apps and trading over 200 tokens on these two chains.
While currently available on iOS, the wallet’s Android version is in beta and expected to launch soon.
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