Binance Integrates With Arbitrum One
- While it has completed its integration with Arbitrum One, Binance has only opened ETH deposits to layer 2, with withdrawals being expected on a later date.
- Arbitrum One is a layer 2 optimistic rollup protocol that enables lower costs and faster transactions than the Ethereum mainnet.
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Popular cryptocurrency exchange Binance has completed the integration of the Arbitrum One network, an Ethereum blockchain scaling solution, the company said in a notice on 19 November.
According to the announcement, with the completion of the integration Binance users can now use their assigned ETH deposit addresses — found in the “Deposit Crypto” page on the Arbitrum One network — to deposit ETH on Arbitrum One layer 2. While users are still unable to withdraw from the network, the company said that option will be launched “on a later date”.
Arbitrum One is a layer 2 scaling solution that uses optimistic rollup technology — running on an off-chain Ethereum contract — to provide users with lower costs and faster transaction times than the Ethereum mainnet. Once Binance enables withdrawals, it will become one of the first centralized exchanges to support layer 2.
The scaling solution was developed by Offchain Labs and made available to the general public on 31 August, shortly after the company was valued at $1.2 billion following its $120 million Series B funding round led by Lightspeed Venture. At the time, Offchain Labs revealed it had more than 350 projects already signed up for access to the scaling solution.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.