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FTX has integrated arbitration. As for Coinbase? Pet Coins

Key Takeaways FTX has added support for the Ethereum Layer 2 solution Arbitrum. The exchange allows users to make direct deposits to Ethereum’s Layer 2 without having to bridge assets from the mainnet. While Binance and FTX have expressed interest in supporting Layer 2, crypto enthusiasts have criticized Coinbase for showing more interest in pet coins. Share this article FTX has announced support for Arbitrum withdrawals and deposits. Meanwhile, Coinbase has been criticized for focusing on small-cap coin listings rather than Layer 2 integration. FTX launches Arbitrum support Another exchange has added support for Arbitrum. FTX, the third largest crypto exchange by volume, announced onboarding support for Arbitrum Tuesday, following Binance’s lead to adopt Layer 2 Ethereum. FTX users now have the option to withdraw ETH purchased on the exchange directly into their Arbitrum mainnet wallets. Previously, users had to send money to the Ethereum mainnet before moving to Arbitrum, a process that forces users to pay for Ethereum’s high gas costs. Likewise, FTX users looking to send ETH back to the exchange from Arbitrum can now deposit funds directly into their FTX exchange wallets. Arbitrum is an Ethereum Layer 2 network that uses Optimistic Rollups. The network benefits from the security of the Ethereum mainnet while reducing gas costs by bundling and posting transactions in the base chain call data. For complex transactions such as exchanging ERC-20 tokens, Arbitrum can currently reduce gas costs by a factor of up to 10. According to data from L2Beat, Arbitrum currently has about $3.4 billion in total value locked in, and many of Ethereum mainnet’s most popular DeFi protocols have built on it to make the jump to Layer 2. While the costs of using Arbitrum are only a fraction of those of processing transactions on Ethereum, the high gas costs associated with bridging funds on the network have been a barrier to adoption. As centralized exchanges like FTX and Binance build easier and cheaper onboarding for Arbitrum, it is likely that more users will be incentivized to use the network. While Binance and FTX have moved quickly to add Ethereum Layer 2 support, not all exchanges are following suit. Coinbase, the largest US exchange, has lagged its competitors in adopting Layer 2 in recent months. Prominent members of the crypto community have criticized Coinbase for offering illiquid, small-cap tokens instead of working. to native recordings for assets such as Fantom and Arbitrum onboarding. Commenting on Coinbase’s latest listing of the pet digital identity token Pawtocol, The Daily Gwei founder Anthony Sassano tweeted his disappointment at the exchange, stating, “I love Coinbase, but their priorities aren’t designed for this.” Sassano was joined in the comments by followers expressing similar views, stating that Coinbase first announced it planned to launch support for Arbitrum more than five months earlier, but hasn’t updated customers since. Coinbase has also been slow to unveil its NFT marketplace; Coinbase NFT is set to go live with support for Ethereum NFTs before the end of 2021, but has yet to launch. As Ethereum scaling solutions like Arbitrum gain traction, exchanges that don’t support onboarding for their customers risk being left behind. On the back of FTX’s Arbitrum announcement, many are already calling for other Layer 2 solutions like Optimism to gain support next, highlighting the public demand for Ethereum Layer 2 onboarding. Disclosure: At the time of writing this post, the author owned FTT, ETH, and several other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. FTX strengthens presence in Japan with liquid acquisition FTX has announced the purchase of Japanese crypto exchange operator Liquid for an undisclosed amount. FTX acquires Liquid FTX acquires Japanese crypto exchange operator and its subsidiaries – Quoine Corporation and… FTX raises $400 million at $32 billion valuation an announcement Monday. 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