The token of the Ethereum Layer 2 blockchain Arbitrum surged 17% in a day amid rumors that the network will announce a partnership with the U.S. trading platform Robinhood Markets Inc. on Monday.
Robinhood announced on Sunday (June 29) that Ethereum co-founder Vitalik Buterin, Robinhood Crypto General Manager Johann Kerbrat, and Offchain Labs Chief Strategy Officer A.J. Warner (Offchain Labs is the creator and developer of Arbitrum) will hold a fireside chat on Monday (June 30).
The chat will take place at an event hosted by Robinhood Europe in Cannes, France, which the company is promoting as revealing its "biggest cryptocurrency announcement of the year."
Speculation about Robinhood's partnership with Arbitrum stems from a May 8 report by Bloomberg, which stated that Robinhood is developing a blockchain platform to allow European investors to trade U.S. stocks.
Reportedly, Arbitrum and Solana are the blockchains under consideration, but negotiations are still ongoing and have not been finalized.
"It looks like Robinhood has chosen Arbitrum," former Ethereum core developer Eric Connor wrote on X.
"Pure speculation, but to me, Ethereum + Arbitrum + RH only means one thing. Robinhood will announce its chain tomorrow," said Omar Kanji, a partner at venture capital firm Dragonfly.
According to CoinGecko, the Arbitrum (ARB) token rose 17.1% in the past 24 hours, trading slightly above 36 cents, making it the biggest winner in the crypto market over the past day.
When Robinhood's post on X was released, ARB climbed from about 31 cents to a daily high of 38.6 cents at 10:30 PM UTC on Sunday, eight hours later.
The token is still down nearly 50% year-to-date, having lost 85% of its value since its peak of $2.39 in January 2024.
Robinhood Markets (HOOD) stock also rose overnight on speculation, with traders seemingly bullish about the expected announcement from the platform on Monday.
According to 24-hour market data from competitor eToro and Robinhood's own platform, HOOD rose about 1.65% in overnight trading to $84.26, up from $83.03 at Friday's close.
Related: Michael Saylor hints at buying Bitcoin (BTC) for the 11th consecutive week.
Original article: “Arbitrum Soars 17% on Rumors of Partnership with Robinhood”
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