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Binance Fully Integrates Ethereum Scaler Arbitrum One

Users can now deposit ether to their Binance accounts via Arbitrum One.

By Eliza Gkritsi, Omkar Godbole
AccessTimeIconNov 19, 2021 at 8:38 a.m. UTC
Updated May 11, 2023 at 6:43 p.m. UTC
The co-founders of Offchain Labs, the firm behind Arbitrum. (Offchain Labs)
The co-founders of Offchain Labs, the firm behind Arbitrum. (Offchain Labs)
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Binance has completed the integration of Arbitrum One mainnet, a scaling solution for the Ethereum network, and is allowing users to deposit ether via Arbitrum One Layer 2, the exchange announced on Nov. 19.

  • Arbitrum One is the beta mainnet of a rollup solution developed by Offchain Labs.
  • Binance has assigned ether deposit addresses to users. The exchange will open withdrawals at a later, unspecified date, according to the announcement.
  • One decentralized finance trader told CoinDesk via Discord that “this is fairly big news because it will enable more people to use Arbitrum without having to touch Ethereum.” Currently, users have to go onto a different network, then bridge to Aributrum, which can be expensive, the trader said.
  • Rollups are an increasingly popular solution to boost throughput on Ethereum. They work by executing transactions outside Ethereum’s main chain, layer 1, but storing the data on it.

Read more: Inside Arbitrum’s Staggered Mainnet Launch

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Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter
Omkar Godbole
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Follow @godbole17 on Twitter

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