Cryptocurrency platform Nexo announced that it will be listing Arbitrum (ARB) on March 23, offering trading, swaps, purchasing, deposits, withdrawals, earning, borrowing, Booster, and Card functionalities.
This comes after other major exchanges, including Binance, BitMEX, and KuCoin, also recently listed ARB.
Arbitrum is a layer-2 blockchain developed by Offchain Labs that aims to improve the scalability and efficiency of the Ethereum network. By processing transactions off-chain, Arbitrum reduces network congestion and lowers transaction fees, making it an attractive solution for decentralized finance (DeFi) projects and non-fungible tokens (NFTs).The Arbitrum ecosystem consists of two blockchains, Arbitrum One and Arbitrum Nova, with the latter specifically designed for Web3 games and social media applications.
Nexo is a leading cryptocurrency platform that allows users to buy, sell, and store a wide range of digital assets. The platform supports over 20 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as stablecoins like Tether and USD Coin. Nexo offers various financial services, such as earning interest on deposits, borrowing against crypto holdings, and using a Nexo Card for everyday purchases.
The recent listings of ARB on major exchanges come just days after Arbitrum launched its own cryptocurrency. The airdrop of the token was recently announced by Offchain Labs, the developer behind the Arbitrum ecosystem.
The company also intends to establish the Arbitrum Foundation and an associated decentralized autonomous organization (DAO) to govern the ecosystem. Token holders will have the privilege of voting on proposals submitted to the DAO.
Arbitrum's rapid growth in less than two years highlights its potential as a major player in the decentralized finance space. With the support of major platforms like Nexo, the ARB token continues to gain more traction.