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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.

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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.

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