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Binance Fully Integrates Ethereum Scaler Arbitrum One
Users can now deposit ether to their Binance accounts via Arbitrum One.
Binance has completed the integration of Arbitrum One mainnet, a scaling solution for the Ethereum network, and is allowing users to deposit ether via Arbitrum One Layer 2, the exchange announced on Nov. 19.
- Arbitrum One is the beta mainnet of a rollup solution developed by Offchain Labs.
- Binance has assigned ether deposit addresses to users. The exchange will open withdrawals at a later, unspecified date, according to the announcement.
- One decentralized finance trader told CoinDesk via Discord that “this is fairly big news because it will enable more people to use Arbitrum without having to touch Ethereum.” Currently, users have to go onto a different network, then bridge to Aributrum, which can be expensive, the trader said.
- Rollups are an increasingly popular solution to boost throughput on Ethereum. They work by executing transactions outside Ethereum’s main chain, layer 1, but storing the data on it.
Read more:Inside Arbitrum’s Staggered Mainnet Launch
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
