Crypto exchange Binance announced Friday that it has completed the integration of Arbitrum One, an Ethereum Layer 2 network developed by Offchain Labs.
The integration currently works for ether (ETH) deposits, meaning Binance users can now directly deposit their funds on the exchange through Arbitrum One without using the Arbitrum bridge.
Until now, users had to first move funds from Arbitrum to Ethereum through the Arbitrum bridge. With the direction integration, Binance users will have faster access to funds for trading.
Binance said it has assigned users ETH deposit addresses on the Arbitrum One network. Arbitrum One is live on mainnet but is still in a beta phase.
Binance will also enable withdrawals on Arbitrum at a later date, said the exchange, without specifying a timeline. Once that option is enabled, Binance users will be able to withdraw their funds on Arbitrum faster and at a much cheaper cost.
Arbitrum, being a Layer 2 network, helps reduce transaction costs using Opt
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