Bybit completes Arbitrum integration and funds BitDAO project

According to a press release published on Jan. 27, Bybit, a global cryptocurrency exchange that has seen strong growth in recent years, has finally completed the integration of the Arbitrum mainnet.

Arbitrum is an Ethereum Layer 2 platform that was one of the first to bring the optimistic rollup features to the Ethereum network.

According to the press release shared with CoinText, the move means users can now deposit and withdraw Ether (ETH) as well as stablecoins Tether (USDT) and USD Coin (USDC) via the Arbitrum mainnet.

Security, scalability and low cost

Bybit co-founder and CEO Ben Zhou said the integration brings Arbitrum's "promising and innovative scaling technology" to Bybit users. He noted that the exchange will continue to offer next-level products and services to all crypto lovers.

The integration of the scaling solution with one of the world's leading cryptocurrency exchanges now makes it easy for Bybit users to complete transactions on the Arbitrum network inexpensively, quickly and securely.

In this case, Bybit users will benefit from Arbitrum's low gas, speed, and high throughput — all at a time when one of the main issues with Ethereum was its massive gas fees and slow network. But more importantly, users of the crypto exchange will benefit from the robust security that characterizes the Ethereum blockchain.

Bybit remains one of the most reliable exchanges for digital assets, with their 99.99% growth rate being a major highlight of its ease of use.

Bybit funds BitDAO with USD 134 million

In other news, Bybit announced that it had offered to support the BitDAO project. According to a brief statement published on Twitter on Thursday, the exchange has contributed about USD 134 million to the project, with funds being provided via Ether (ETH), Tether (USDT) and USD Coin (USDC).

The funds represent 2.5 basis points of ByBit's futures trading volume between November 1 and December 31, 2021, the exchange added.

It also pledged to make further contributions to BitDAO's treasury.

BitDAO is among the world's largest Decentralized Autonomous Organizations (DAOs) dedicated to advancing the crypto principles of open finance.

The protocol also aims to support a decentralized token economy, including by providing liquidity and R&D resources, with funds allocated to DeFi, privacy, and non-fungible token (NFT) projects.

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