The price of Arbitrum’s token, linked to its eponymous Ethereum layer-2 blockchain, rose 17% in a single day. People think this is because the network might soon announce a partnership with the US trading app Robinhood.
On Sunday, Robinhood posted on X that Ethereum co-founder Vitalik Buterin, Robinhood Crypto’s boss Johann Kerbrat, and A.J. Warner from Offchain Labs, the company behind Arbitrum, will join a special talk on Monday.
The talk will happen at a Robinhood event in Cannes, France, where the company says it will share its biggest crypto news of the year.
Robinhood’s Talks With Arbitrum and Solana
There have been rumors about a deal between Robinhood and Arbitrum after Bloomberg reported on May 8 that Robinhood was working on a blockchain platform. This platform would enable European retail investors to trade U.S. stocks using blockchain technology.
At that time, Arbitrum and Solana were two blockchains that Robinhood was looking at for the project. But the discussions were still happening and no deal had been made yet.
Arbitrum and Robinhood See Big Gains Ahead of Crypto News
The Arbitrum (ARB) token went up 17.1% in the past 24 hours and is now worth a little more than 36 cents. It was one of the top performers in the crypto market for large market capitalization over the past day, according to CoinGecko.
Robinhood’s shares (HOOD) went up overnight as traders feel positive about the big news the platform is expected to share on Monday.
HOOD stock rose about ~1.65% in overnight trading to $84.26, after ending Friday at $83.03, based on 24-hour markets on both eToro and Robinhood’s own app.