Bybit announces 2 notable updates: completion of Arbitrum integration, funds BitDAO with $134M

Bybit, a global cryptocurrency exchange that has seen extensive growth over the past few years, has finally completed the integration of the Arbitrum mainnet, according to a press statement published on 27 January.

Arbitrum is an Ethereum Layer 2 platform that was among the first to bring the optimistic rollups 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 the stablecoins Tether (USDT) and USD Coin (USDC) via the Arbitrum mainnet.

Security, scalability and low cost

Ben Zhou, the co-founder and CEO of Bybit said the integration brings Arbitrum’s “promising and innovative scaling technology” to Bybit users. He noted that the exchange will continue to provide 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 cheaply, quickly and safely complete transactions on the Arbitrum network.

In this case, Bybit users are set to benefit from Arbitrum’s low gas, speed and high throughput- all at a time when one of the main issues with Ethereum has been the massive gas fees and slow network. But more importantly, the crypto exchange’s users will benefit from the robust security that characterises the Ethereum blockchain.

Bybit continues to be one of the most reliable digital asset exchanges, with its 99.99% up rate a key highlight of its usability.

Bybit funds BitDAO with $134 million

In other news, Bybit announced it had offered to support the BitDAO project. According to a brief statement posted on Twitter on Thursday, the exchange contributed about $134 million to the project, with the funds made available through Ether (ETH), Tether (USDT) and USD Coin (USDC).

The funds are equivalent to 2.5bps of ByBit’s futures trading volume from between 1 November to 31 December 2021, the exchange added.

It also pledged to make further contributions to the BitDAO treasury.

Bybit is proud to support https://t.co/GPkvYHJvAq. We have made a ~$134M contribution (in $ETH, $USDT and $USDC) to the @BitDAO_Official treasury, equivalent to 2.5bps of futures trading vol. between Nov. 1 and Dec. 31.

We pledge recurring contributions.

— Bybit (@Bybit_Official) January 27, 2022

BitDAO is among the world's largest decentralized autonomous organizations (DAOs), whose target is to help advance the crypto’s principles of open finance.

The protocol also looks to support a decentralized tokenized economy through the provision of liquidity and R&D resources among others, with funding given to DeFi, privacy, and non-fungible token (NFT) projects.