Digital Broker Robinhood’s New Chain Boosts Ethereum-Based Network Arbitrum
Robinhood’s latest venture into the world of blockchain technology has not only been successful for the digital broker itself but has also had a positive impact on Ethereum-based network Arbitrum.
The native token of Arbitrum, ARB, has surged by an impressive 19% in the past 24 hours, making it the top-performing asset among the top 100 cryptocurrencies, according to data from CoinDesk. Meanwhile, Bitcoin (BTC) has seen a modest 1.5% increase, trading above $63,000, and Ether (ETH) has risen by 0.5% on an otherwise quiet day in the market.
This surge in value for ARB can be attributed to the success of Robinhood Chain, which is built on Arbitrum’s technology and was recently made available to the public. The chain has processed over $568 million in daily trading volume on Wednesday and has already surpassed $350 million in trading volume on Thursday, as reported by blockchain data from Entropy Advisors. The surge in activity is largely fueled by memecoin trading and a rapid increase in stablecoin balances on the network, which have exceeded $260 million within the first week of operation.
These impressive figures are not only beneficial to Robinhood but also translate into revenue for Arbitrum. As part of their agreement, 10% of Robinhood Chain’s net protocol revenue is reinvested back into the Arbitrum ecosystem, with funds divided between the DAO treasury and the Developer Guild.
Robinhood’s Crypto Expansion
Robinhood introduced their chain at a recent event in London, marking the beginning of a broader push into the cryptocurrency space. The brokerage firm announced plans to offer tokenized U.S. stocks to customers in over 120 countries, launched a DeFi-powered savings vault through the lending protocol Morpho, and outlined future initiatives to expand their crypto business into AI-powered trading and other asset classes.
