An Ethereum (ETH) layer-2 scaling solution is soaring after gaining support from US retail trading giant Robinhood.
According to Robinhood, the ETH layer-2 Arbitrum (ARB) is now available to be bought, sold, and traded over the trading platform.
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News of the addition sent ARB rallying from a price of $0.374 on March 4th to $0.421 a day later. It has since stabilized and is trading for $0.419 at time of writing, a 14.5% gain during the last 24 hours.
ARB joins Robinhood’s suite of crypto products, which includes Bitcoin (BTC), Ethereum, Cardano (ADA), Solana (SOL), popular memecoins such as Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB), and dozens of others.
Last month, it was Robinhood reported that it saw a staggering 8x increase in crypto trading revenue in Q4 of 2024, putting pressure on Coinbase, its competitor and the largest crypto exchange platform in the US.
According to the Robinhood’s investment report, the company saw a 200% year-over-year increase in transaction-based revenues, most of which can be attributed to crypto.
In February, the U.S. Securities and Exchange Commission (SEC) dropped its investigation into Robinhood without levying any enforcement actions against the firm.
As stated by Dan Gallagher, the Robinhood’s chief legal, compliance and corporate affairs officer, at the time,
“We applaud the staff’s decision to close this investigation with no action. Let me be crystal clear – this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities.
As we explained to the SEC, any case against Robinhood Crypto would have failed. We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.”
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