Arbitrum (ARB) Price Jumps 14% After Robinhood Listing

Arbitrum (ARB) price received a major boost after the asset got listed on Robinhood, one of the top American trading platforms.

American trading firm Robinhood (NASDAQ:) included Arbitrum (ARB) in the list of the traded cryptocurrencies, and the token price responded accordingly.

What Happened: The token based on the Ethereum layer-2 network is now trading at $0.4181, a 14% increase in a few hours from the day low of $0.3644. The trading volume for the token has also shot up by 8, reaching $400 million.

This activity comes as traders responded to the listing of ARB on Robinhood, increasing its accessibility and liquidity.

However, the token is still down 80% from the 2024 high of $2.41.

Earlier this month, Robinhood partnered with CME Group to allow US retail traders to access a variety of futures contracts, including those for Bitcoin and Ether, directly on its platform.

See More: Best Cryptocurrency Futures Platforms

Why It's Important: Robinhood has been adding more cryptocurrencies due to increasing customer interest. The company is actively seeking to grow its services and expand its offerings to include new digital assets.

In the fourth quarter of the year, the company saw a 700% year-over-year increase in its crypto revenue, which reached $358 million. This revenue stream is a significant part of Robinhood’s efforts to expand its crypto market share.

The roll-out of Ethereum staking in the European Union and the addition of new digital assets demonstrate the platform’s dedication to expanding its services and its intent to develop as a business in a rapidly evolving crypto market.

The US SEC had been investigating Robinhood regarding its crypto operations, but the agency has now closed the probe.

This decision provides a legal buffer for the company’s position on digital asset listings.

The investigation focused on whether certain crypto products should have been registered with the SEC.

This move takes the heat off of Robinhood’s cryptocurrency division, allowing it to continue listing new tokens in the new year.