Rumours of a Robinhood partnership with Arbitrum are confirmed, with the US-based monetary companies agency leaning on the blockchain to announce its personal layer 2 (L2) answer. The buzz from the announcement has despatched HOOD inventory rallying by over 10% within the final day, whereas the Arbitrum value has gained double-digit percentages.
Robinhood Teams Up With Arbitrum, Builds L2 Blockchain
Robinhood has disclosed that it’s constructing a layer 2 blockchain on Arbitrum, optimized for tokenized real-world belongings. According to an official announcement, Robinhood will deploy the incoming Arbitrum-based L2 blockchain for tokenized inventory issuances.
The firm introduced the event on the “Robinhood Presents: To Catch A Token” occasion in France, unveiling a raft of merchandise. Per the assertion, Robinhood has launched tokenized US inventory and ETF tokens, permitting customers in Europe to entry as much as 200 US securities.
For starters, Robinhood will difficulty inventory tokens on Arbitrum till its blockchain growth is full. Afterwards, all inventory and ETF tokens might be facilitated on the brand new blockchain based mostly on Arbitrum, providing 24/7 buying and selling and self-custody.
The blockchain functionalities will allow Robinhood customers to obtain cost dividends on the app. Early within the day, the Arbitrum price jumped by 30% following hypothesis of an imminent partnership.
A Wave Of New Products
At the occasion, Robinhood unfurled a raft of choices for customers to observe its tokenized US shares and ETF merchandise. EU customers may have entry to crypto perpetual options with as much as 3X leverage upon launch. Robinhood says it’s partnering with Bitstamp’s perpetual futures trade to deal with orders.
Furthermore, Robinhood has introduced crypto staking for eligible US clients, beginning with Ethereum and Solana. Users within the EU may also entry the characteristic, constructing on its earlier assist for CME Group’s Micro XRP and Solana futures.
“Our latest offerings lay the groundwork for crypto to become the backbone of the global financial system,” stated Robinhood CEO Vlad Tenev.
The expanded product suite features a 1% increase on crypto deposits and crypto bank card rewards. The firm has introduced sensible trade routing, tax heaps, and superior charts for customers. The buzz from the product launches has despatched HOOD inventory buying and selling at $91.92, up 10% during the last day.
Robinhood is one step nearer to changing into a monetary tremendous utility, but it surely nonetheless faces competitors from X’s incoming in-app trading feature.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and rising applied sciences journalist with a knack for overlaying needle-moving tales within the house. Aliyu delivers breaking information tales, regulatory updates, and insightful evaluation with depth and precision. When he is not poring over charts or following leads, Aliyu enjoys enjoying the bass guitar, lifting weights and working marathons.
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