Robinhood integrates with Arbitrum for efficient crypto swaps

Robinhood revealed at the ETHDenver conference that its wallet users can now transact with Arbitrum.

The integration is expected to facilitate easier access to decentralized finance (DeFi) for non-crypto natives by reducing the complexity of layer-2 transactions.

Arbitrum, an Ethereum layer-2 network, boasts the fourth-largest decentralized finance ecosystem with almost US$3.3 billion in locked assets, according to DeFillama data.

DeFi, an application of blockchain technology that allows users to access financial services through smart contracts, is often targeted by hackers and illicit actors as they are broadly unregulated.

Last year, the industry witnessed a notable drop in DeFi hacks, according to Chainalysis.

The blockchain analytics firm reported that hackers stole 63.7% less crypto assets from DeFi platforms last year compared to 2022, but still managed to loot US$1.1 billion.

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