Standard Chartered initiates ARB coverage, sees 70x upside by 2030

Standard Chartered has started coverage of Arbitrum and expects its ARB token to reach $10 by the end of 2030, compared with about $0.14 at the time of coverage. In a note from Geoffrey Kendrick, the ​bank’s global head of digital assets research, said that Arbitrum could benefit from the growing use of blockchain infrastructure by traditional financial institutions and from the expansion of tokenized assets. ARB was trading 1% higher at $0.137 after the note was published, per CoinGecko. The token has posted an 85% gain over the past month. From current levels, the bank’s forecast would represent an upside of approximately 70 times and would exceed the bank’s projected returns for Ether and Bitcoin. According to Standard Chartered, Arbitrum is emerging as a key infrastructure for traditional finance as firms such as Robinhood move on-chain, with the bank expecting rising adoption and revenue to support ARB’s price. The network, one of the two dominant layer 2 networks on Ethereum, receives 10% of net protocol revenue for the service, and the bank estimates total revenue will reach about $5 million in September following Robinhood Chain’s launch in early July, more than five times ...