Robinhood launched assist for swaps on Arbitrum in February.
Robinhood, a commission-free buying and selling platform, is launching gas-free buying and selling on Arbitrum, the most important Ethereum Layer 2 community by TVL.
Robinhood launched the characteristic on Might 23, permitting customers to execute gasless trades on the Arbitrum community through Robinhood Pockets. 0x, a decentralized change protocol, will present decentralized change aggregation providers for Robinhood.
Robinhood stated 0x will present merchants with the most effective worth quote accessible to merchants. Customers may also route trades incurring fuel charges ought to they provide a greater worth than gasless trades.
“Customers can swap without having ETH for fuel on Arbitrum, with 0x because the DEX aggregator behind the activation,” Robinhood stated.
The information follows Robinhood teaming up with Arbitrum in February to supply merchants entry to swaps through Arbitrum-based decentralized exchanges.
“Accessing and transacting on L2s has traditionally been tough to non-crypto natives, however Robinhood Pockets now helps strip away the complexities to assist onboard these new to web3,” stated Johann Kerbrat, Common Supervisor of Robinhood Crypto.
Robinhood expands crypto choices
Robinhood first started offering crypto buying and selling providers in February 2018 with the launch of Bitcoin and Ethereum markets throughout 5 U.S. states. “Cryptocurrencies have turn out to be the primary foray into investing and monetary providers to a lot of individuals,” stated Robinhood co-founder, Vlad Tenev.
Robinhood started increasing its roster of cryptocurrencies with the addition of Bitcoin Money and Litecoin in July 2018, alongside the introduction of assist for on-chain cryptocurrency transfers. By 2021, Robinhood customers in all however two U.S. states might entry its cryptocurrency markets.
In March 2021, Robinhood introduced plans to ship a non-custodial cryptocurrency pockets, following up with a beta launch of the Polygon-powered pockets to 10,000 iOS customers in September 2022. Robinhood Pockets grew to become accessible to all iOS customers in March 2023 and Android customers in March of this yr.
In December 2023, Robinhood rolled out crypto buying and selling for European customers, additionally saying plans to deliver the service to U.Okay. prospects in 2024. The corporate launched a custodial Solana (SOL) staking service for European prospects final week.
Nonetheless, Robinhood’s crypto enterprise suffered a blow within the U.S. on Might 4 when it obtained a Wells Discover from the Securities and Alternate Fee (SEC). A Wells Discover is issued when the regulator completes an investigation concluding that the recipient has infringed securities legislation, and sometimes precedes a formal criticism.
The discover got here regardless of Robinhood delisting Solana, Cardano, and Polygon after the belongings had been named as securities belongings within the SEC’s lawsuits in opposition to Coinbase and Binance.
