The token for the Ethereum layer-2 blockchain, Arbitrum, gained 17% over the day amid hypothesis that the community will announce a partnership with US buying and selling platform Robinhood Markets Inc. on Monday.
Robinhood posted to X on Sunday that Ethereum co-founder Vitalik Buterin, Robinhood Crypto normal supervisor Johann Kerbrat, and A.J. Warner, the chief technique officer at Offchain Labs — which created and develops Arbitrum — would come collectively for a fireplace chat on Monday.
The chat will happen at a Robinhood Europe-hosted occasion in Cannes, France, which the agency markets as unveiling its “largest crypto bulletins of the yr.”
Robinhood talks with Arbitrum, Solana leaked in Could
Hypothesis round a tie-up with Robinhood and Arbitrum follows a Could 8 Bloomberg report that Robinhood was growing a blockchain platform to permit European buyers to commerce US shares.
Arbitrum and Solana have been the blockchains reportedly into consideration for the partnership, however the talks have been ongoing and never finalized on the time.
“Seems to be like Robinhood selected Arbitrum,” former Ethereum core dev Eric Connor wrote on X.
“Pure hypothesis, however imo [in my opinion] Ethereum + Arbitrum + RH solely means one factor. Robinhood going to announce its chain tomorrow,” said Omar Kanji, companion at enterprise agency Dragonfly.
Arbitrum positive factors 17% on Robinhood partnership rumor
The Arbitrum (ARB) token has gained 17.1% within the final 24 hours to commerce at simply over 36 cents, and is the crypto market’s largest gainer within the final day, according to CoinGecko.
ARB climbed from round 31 cents on the time of Robinhood’s X submit to hit an intraday excessive of 38.6 cents eight hours later at 10:30 pm UTC on Sunday.
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The token continues to be down practically 50% to this point this yr and has misplaced 85% of its worth since its peak excessive of $2.39 in January 2024.
Robinhood shares up in a single day
Shares in Robinhood Markets (HOOD) additionally noticed a raise in a single day amid the hypothesis, as merchants are seemingly bullish on the expected announcements the platform will make on Monday.
HOOD is up round 1.65% in in a single day buying and selling to $84.26 after closing buying and selling on Friday at $83.03, based on 24-hour markets on rival eToro and Robinhood’s personal platform.
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