Nintendo has been proactive in updating ARMS, and just released more information at Gamescom following the teaser that was released earlier in the month.
Arriving soon to the game is a new character, named Lola Pop. She is a clown who is her own inflatable balloon animal. When she inflates, she can use the balloon for defensive options, as shown in the trailer.
While there is no actual date of release for the character yet — Nintendo says “soon” — she will be released with the version 3 update.
ARMS version 3 update will release with new character: Lola Pop