Robinhood Wallet integrates Arbitrum for token swaps

Robinhood Wallet has teamed up with Arbitrum to enable token swaps on the largest Ethereum Layer 2 network by total value locked.

"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 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. 

Arbitrum has over $14 billion locked in its smart contracts, according to L2Beat data.

Robinhood Wallet

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.