on friday Binance announceIntegration of Arbitrum One’s core network and open support for Ether (ETH) deposits on Arbitrum One layer two.
Arbitrum is a layer-two optimistic rollup protocol that operates on Ethereum contracts outside the network and offers lower costs and faster transactions on the Ethereum core network.
The announcement states that Binance users can deposit any ERC-20 tokens from the Ethereum network with Arbitrum at reduced transaction costs. Binance also stated that it will enable ETH withdrawals on Arbitrum One. Network layer 2 is possible in the near future. This makes it one of the first centralized exchanges to support layer 2.
Binance’s layer 2 ETH deposit integration is a significant step forward. Coming at a time when decentralized exchanges and cross-chain atomic swaps are gaining popularity in the market, Binance is one of the largest cryptocurrency exchanges in the world by volume, and the Abitium integration is. Good news for Ethereum adoption.
The release of the Abitrum One Network did not include ETH withdrawals, but it promised to reveal more information when this functionality became available to traders.
According to a tweet from New Zealand-based crypto investor Lark Davis, Binance is working to allow direct ETH withdrawals to Arbitrum, which according to Lark, the integration will result in “massive adoption of Ethereum.” His screen showed a significant reduction in transaction costs and time.
The post Binance supports Ether layer-2 deposits on Arbitrum One appeared first on Bitcoin Addict.