Arbitrum price pump 17%, the market speculates it will collaborate with Robinhood

Gate News bot news, on June 30, the Ethereum Layer 2 blockchain (L2) token Arbitrum (ARB) surged 17% that day, as the market speculated that the network would announce a partnership with the US trading platform Robinhood Markets Inc. on Monday.

Robinhood announced on Sunday that Ethereum co-founder Vitalik Buterin, Robinhood Crypto General Manager Johann Kerbrat, and Offchain Labs Chief Strategy Officer AJ Warner will hold a fireside chat on Monday in Cannes, France. The company stated that this event will unveil its "largest cryptocurrency announcement of the year."

On May 8, Bloomberg reported that Robinhood is developing a blockchain platform that allows European investors to trade U.S. stocks, leading to speculation that Robinhood and Arbitrum will collaborate. Former Ethereum core developer Eric Connor and Dragonfly venture capital partner Omar Kanji both expressed their views on this possibility on social media.

When Robinhood released the news, ARB rose from around 31 cents to an intraday high of 38.6 cents after 8 hours. So far this year, the token is still down nearly 50%, and its value has shrunk by 85% since reaching a peak of $2.39 in January 2024.

Due to traders' optimistic outlook on the expected announcement, Robinhood Markets (HOOD) saw its stock price rise by about 1.65% overnight to $84.26.