Arbitrum on Fire: Crypto Market Awaits Cannes Surprise
The Ethereum layer-2 blockchain’s Arbitrum token saw a 17% increase in value over the day. Speculation that the network will announce a cooperation with U.S. trading platform Robinhood Markets Inc. on Monday was the reason for the spike.
On Sunday, Robinhood announced on X that A.J. Warner, the chief strategy officer of Offchain Labs, Thornhood Crypto general manager Johann Kerbrat, and Ethereum co-founder Vitalik Buterin would meet for a fireside discussion. The conversation will take place at an event held by Robinhood Europe in Cannes, France, which the company touts as revealing its most significant cryptocurrency developments of the day.
Robinhood’s Blockchain Bet: All Signs Point to Arbitrum
Following a Bloomberg story on May 8 indicating that Robinhood was creating a blockchain platform to enable European investors to trade US stocks, there has been conjecture regarding a partnership with both Robinhood and Arbitrum. The blockchains allegedly being considered for the alliance were Arbitrum and Solana, but negotiations were still in progress and had not yet been concluded.
Looks like Robinhood chose Arbitrum,
Browse Postsformer Ethereum core dev Eric Connor
ARB Token Jumps 15% in a Day: Is This the Start of a Comeback?
In the past day, the ARB token has increased by 15.38% to trade at just over 36 cents, making it the largest gainer in the cryptocurrency market, according to CoinMarketCap. At the time of Robinhood’s X post, ARB was trading at about 31 cents. Eight hours later, at 10:30 pm UTC on Sunday, it reached an intraday high of 38.6 cents. The token has lost 85% of its value since its peak high of $2.39 in January 2024 and is still down almost 50% this year.
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