Arbitrum Team Deposits $20.13m ARB on Coinbase 7 Hours Ago

IconCryptoNewsTerminal Staff23 Jul, 2024

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Arbitrum Team Deposits $20.13m ARB on Coinbase 7 Hours Ago

Arbitrum is a layer-2 scaling solution for Ethereum. It uses Optimistic Rollups to process transactions off-chain, which can significantly reduce gas fees and transaction times. On-chain analyst The Data Nerd shared via Twitter that, "7h ago ~25M $ARB (~$20.13M) was sent from an Arbitrum team owned presumed multisig to Coinbase. These funds were then moved to 6 other unknown addresses." It is not immediately clear why the Arbitrum team deposited this large amount of ARB on Coinbase. However, it is worth noting that Coinbase recently added support for ARB deposits and withdrawals. This means that Coinbase users can now easily buy, sell, and trade ARB on the exchange. The Arbitrum team's decision to deposit ARB on Coinbase could be a sign that they are confident in the exchange's long-term viability. It could also be a sign that the team is planning to use Coinbase to facilitate the onboarding of new users to the Arbitrum ecosystem.

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