When it comes to cryptocurrencies, alongside exchanges like Binance and Coinbase, the Robinhood exchange, known for its significant DOGE movements recently, has experienced a major development with its Robinhood Wallet.
Partnership with Arbitrum Announced
Robinhood Wallet has announced a partnership to enable token swaps through Arbitrum, the largest Ethereum Layer-2 project by locked total value (TVL) as of the time of writing.
In a statement made by Robinhood Wallet officials on Thursday, they said:
By accessing Arbitrum’s advanced scaling solutions, Robinhood Wallet users can now benefit from low transaction costs and high transaction speeds on one of the most popular networks in the crypto ecosystem.
According to Johann Kerbrat, the general manager of Robinhood Crypto, there has been a beta version of Arbitrum swaps for “a few weeks,” and as of today, it has started operating publicly. Token swap refers to the direct exchange of one token for another without the need to convert it into fiat currency first.
According to the announcement on the Robinhood Wallet website, the service also supports the Ethereum and Polygon networks for swaps through decentralized exchange aggregators 0x API and LI.FI. The website states that the wallet does not charge a service fee for token swaps.
Data provided by L2Beat shows that Arbitrum’s smart contracts have over $14 billion in locked value. The fact that ARB, which has been frequently mentioned recently, has more locked value than the total of its closest competitors OP, Manta, Starknet, and Base, brings to mind the possibility of dominating the market.
About Robinhood Wallet
Robinhood Wallet, which started operations about a year ago, currently serves on iOS. The Android wallet is still in beta and offers an open waiting list for registration. According to Kerbrat, the wallet is expected to be officially launched in the coming months.
According to the website, the wallet supports sending and receiving crypto on networks such as Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base.
