Fast-growing cryptocurrency exchange, Bybit , now supports withdrawal and depositing of ETH, USDT and USDC, following the platform’s integration of the Arbitrum mainnet. The changes take effect from January 27th, 2022.
The completion of the integration with Arbitrum is an essential step towards increasing efficiency on Bybit. Arbitrum is a Layer 2 scaling solution that operates on the Ethereum blockchain and whose main purpose is to ease congestion on the Ethereum mainnet. Therefore, the integration was a necessary and natural step, considering its fast-growing user base.
Having registered an uptime of 99.99% in 2022, Bytbit set the bar high. Therefore, it necessitated such an integration to cater to an expected user number spike.
In addition to assured fast transaction speeds, Bybit users will also benefit from lower gas fees. Arbitrum reduces gas fees by conducting transactions off-chain and posting them on the mainnet for validation. Furthermore, by adopting a Layer 2 scaling mechanism operating on Ethereum, users can rest easy knowing that their assets are safe.
Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users.”
Ben Zhou, co-founder and CEO of Bybit
Commenting on the development, Bybit CEO and co-founder Ben Zhou expressed his pleasure working with Arbitrum. He added that it would help Bybit enhance its capacity to offer its users cutting edge products and high-quality services.
Meanwhile, Bybit has announced that it contributed approximately $134 million to the BitDAO treasury. The contributions covered the period between November 1st and December 1st and were in Ether, Tether USD and USD coin.
Furthermore, the contribution is equivalent to 2.5 basis points of its futures trading volume. Bybit has pledged to keep contributing.
Latest Bybit news today
After launching its NFT marketplace this week, Bybit has announced that the GensoKishi token ($MV) is now available for spot trading. The exchange has set up a 500,000 $MV pool to incentivize users to deposit and trade the token. Meanwhile, the NFT marketplace does not require users to link their crypto wallets. Instead, they can buy, sell or trade the asset through their Bybit accounts.
Established in March 2018, Bybit is a cryptocurrency exchange that specializes in online spot and derivatives trading services. As part of its derivatives trading model, it supports leveraged crypto trading of up to 100X. It also provides crypto mining services and supports staking. Also, it offers API support to its clients and provides a testnet environment where users can test their trading strategies. To date, the exchange has more than 2 million registered users