The news about cryptocurrency exchange Bybit came twice on Thursday when the company announced via Twitter its $134 million contribution to BitDAO’s treasury in the form of Ether (ETH), Tether (USDT) and USD Coin (USDC), as well as its completion. From the Ethereum lag merge – 2-solution Arbitrum.
BitDAO currently owns one of the largest decentralized treasuries and recently funded zkDAO with $200 million to build zkSync and scale Ethereum. Bybit’s investment demonstrates BitDAO’s confidence in leading and supporting DeFi projects. Bybit collaborates with other backers such as Peter Thiel, Founders Fund, Pantera, Dragonfly and Spartan.
Related Topics: Arbitrum is experiencing minor blackouts due to hardware failure.
Bybit’s integration with Arbitrum will allow users to enter and remove ETH, USDT, and USDC on the Arbitrum network. Other benefits may include lower gas fees than on the Ethereum mainnet, higher throughput, and lower latency thanks to the upbeat Arbitrum clusters.
Ben Zhou, co-founder and CEO of Bybit, said his company is able to offer “next-level products and services” thanks to the support of Arbitrum’s “decentralized, developer-friendly, and scalable platform.”
The Ethereum Layer 2 scaling solution is designed to offload the Ethereum core network. According to DeFi Llama, Arbitrum’s current total closed value, or TVL, is $1.54 billion.
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Bybit also recently launched its own NFT Marketplace, which will give customers the ability to use their Bybit accounts to purchase NFTs instead of having to call their personal wallet addresses.