Arbitrum skyrockets 17% thanks to rumors of a partnership with Robinhood

Arbitrum (ARB) – a layer-2 platform on Ethereum – increased nearly 17% in a day, amid speculation that this network will announce a partnership with the trading platform Robinhood Markets Inc. (America) on Monday.

On Sunday, Robinhood posted on X that Vitalik Buterin – Co-founder of Ethereum, Johann Kerbrat – CEO of Robinhood Crypto, and A.J. Warner – Strategy Director at Offchain Labs, the founding and developing unit of Arbitrum, will participate in a conversation on Monday.

This conversation will take place at an event organized by Robinhood Europe in Cannes, France – a location that the company promotes as "the venue revealing the biggest announcements about cryptocurrency of the year."

Robinhood was rumored to negotiate with Arbitrum, Solana since May

Speculations surrounding the partnership between Robinhood and Arbitrum emerged after a Bloomberg report on May 8, revealing that Robinhood is developing a blockchain platform that allows European investors to trade American stocks.

Arbitrum and Solana are two blockchains being considered in the collaboration plan; however, at that time, negotiations were still ongoing and nothing had been concluded.

"It seems Robinhood has chosen Arbitrum," wrote former core Ethereum developer – Eric Connor on X.

"It's just a guess, but in my personal opinion, Ethereum + Arbitrum + Robinhood can only mean one thing: Robinhood will announce their own blockchain tomorrow," said Omar Kanji – a partner at the venture capital fund Dragonfly.

Arbitrum increases nearly 17% thanks to rumors of collaboration with Robinhood

The ARB token has increased by 16.8% in the past 24 hours, trading at over $0.35 and becoming the strongest gaining coin of the day.

ARB has increased from around 0.31 dollars at the time Robinhood posted on X, to a daily peak of 0.386 dollars after 8 hours – at 05:30 today ( Vietnam time ).

!()https://img-cdn.gateio.im/webp-social/moments-c15942c08fb0d0906566563f6673a755.webp[ARB]ARB price chart 4 hours | Source: TradingviewHowever, the Arbitrum token has still decreased nearly 50% since the beginning of 2024 and has lost 85% of its value compared to the peak of 2.39 dollars set in January this year.

Robinhood stocks rise in overnight trading

Shares of Robinhood Markets (HOOD) also rose in overnight trading amid rumors, as traders expressed optimism about the announcements expected to be made by this platform on Monday.

According to 24-hour market data from eToro and the Robinhood platform, HOOD stock price has risen about 1.7% to $85.34 after closing at $83.03 on Friday.

Minh Anh