Bybit, one of the fastest-growing cryptocurrency exchanges in the world, has completed integration with the Arbitrum mainnet, Coin Journal reports in a press release.
With this integration, exchange users can make deposits and withdrawals in Ether (ETH), Tether (USDT), and USD Coin (USDC) on the Arbitrum network starting January 27 and onward.
Arbitrum eases congestion on Ethereum
Arbitrum aims to relieve congestion on the Ethereum mainnet. As an Ethereum Layer 2 (L2) scaling solution, Arbitrum is one of the early optimistic rollups designed to reduce network load.
Transaction costs on Ethereum are lowered by using Arbitrum because it executes operations off-chain and posts compressed results to the mainnet to provide cryptographic proof.
The next level of trading
Because an L2 like Arbitrum enables anyone to verify correct results, Bybit users benefit from trust-minimized security anchored to the Ethereum blockchain. Additional advantages include Arbitrum’s lower gas fees, faster transaction speeds, and improved throughput.
Reliable, stable, and liquid exchange
Bybit has established itself as a reliable, stable, and highly usable cryptocurrency exchange with strong liquidity. The platform reports 99.99% uptime year-round with minimal interruptions or overloads.
Ben Zhou, co-founder and CEO of Bybit, commented:
“Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users — with its decentralized, developer-friendly nature and broad ecosystem support, we continue to deliver next-level products and services to all crypto enthusiasts.”
Bybit contributes $134 million to BitDAO treasury
In related news, Bybit announced funding for BitDAO (Bitdao.io) totaling $134 million in Ether, Tether, and USD Coin.
According to a tweet from the exchange, this contribution equals 2.5 basis points of futures trading volume between November 1 and December 31 of last year. The exchange also committed to making recurring contributions.
About Bybit
Bybit is a cryptocurrency exchange founded in March 2018. It provides a professional trading platform where crypto traders can access an ultrafast matching engine, dedicated customer support, and multilingual community services.
The company offers innovative online spot and derivatives trading, mining and staking products, and API support to retail and institutional clients worldwide.