Bybit completes Arbitrum integration, funds bitDAO with $134M

Bybit completes Arbitrum integration, funds bitDAO with $134M

By Daniela Kirova - min read

Bybit, one of the most dynamically growing cryptocurrency exchanges in the world, has completed the integration of the Arbitrum mainnet, Coin Journal learned from a press release. 

With this integration, exchange users can make deposits and withdrawals in Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network from Jan. 27 onwards.

Arbitrum relieves congestion on Ethereum

Arbitrum aims to relieve congestion on the Ethereum mainnet. The Ethereum Layer 2 (L2) scaling solution is one of the first optimistic rollups with this goal.

The costs of transactions on Ethereum are reduced by using Arbitrum. This is because the latter performs operations off-chain and posts the results to the mainnet to secure proof.

Heradling the next level of trading

As an L2 like Arbitrum allows anyone to ensure correct results, Bybit users will enjoy trustless security rooted on the Ethereum blockchain. That’s not all. Other advantages include Arbitrum’s low gas fees, speed, and rapid throughput.

Most reliable, stable, and liquid exchange

Bybit has proven to be among the most reliable, stable and usable cryptocurrency exchanges and also has the highest liquidity. The exchange boasts a 99.99% up rate all year round with neither downtime nor overload.                     

Ben Zhou, co-founder and CEO of Bybit, commented:   

Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users — with its decentralized, developer-friendly and broad ecosystem support, we continue to offer next level products and services to all crypto lovers.

Bybit contributes $134M to bitDAO's treasury 

In related news, Bybit announced it has provided funding to in the amount of $134 million in Ether, Tether, and USD Coin. 

This is equivalent to 2.5bps of futures trading volume between Nov. 1 and Dec. 31 last year according to a tweet by the exchange. The exchange has also pledged to make recurring contributions.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018. It offers a professional platform where crypto traders can find an ultrafast matching engine, excellent customer service and multilingual community support.

The company provides innovative online spot and derivatives trading services, mining and staking products, and API support to retail and institutional clients around the world.