Robinhood Wallet integrates Arbitrum for token swaps
DeFi • February 29, 2024, 1:40PM EST
Quick Take
- Robinhood Wallet now lets users swap tokens using Ethereum Layer 2 Arbitrum.
Robinhood Wallet has teamed up with Arbitrum "By opening access to Arbitrum's advanced scaling solutions, Robinhood Wallet users can now take advantage of low transaction costs and fast transaction speeds on one of the most popular networks in the crypto ecosystem," Robinhood Wallet said Thursday. Arbitrum swaps had been available in beta for "several weeks" and are now publicly launched today, Johann Kerbrat, general manager of Robinhood Crypto, told The Block. A token swap involves exchanging one token for another directly, without having to convert it into fiat currency first. Robinhood Wallet also supports Ethereum and Polygon Arbitrum has over $14 billion locked in its smart contracts, according to L2Beat data. Launched about a year ago, Robinhood Wallet is currently only available for iOS. The Android wallet is currently in beta, with a public waitlist open for registration. It is expected to be officially launched in the coming months, Kerbrat said. The self-custodial wallet also supports crypto send and receive functions on the Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism and Base networks, according to its website. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
ARB
+5.25%
to enable token swaps on the largest Ethereum 
ETH
+1.90%
Layer 2 network by total value locked.
MATIC
+2.47%
networks for swaps via decentralized exchange aggregators 0x API and LI.FI, according to its website. The wallet doesn't charge service fees on token swaps, per the website. Robinhood Wallet
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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.
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