Major US-based crypto exchange Coinbase is adding trading support for Ethereum (ETH) Layer 2 scaling solution Arbitrum (ARB), a primary competitor to Polygon (MATIC).
In a new announcement, Coinbase says The Arbitrum exchange is now available on both iOS and Android with an experimental tag a week after it was added to the crypto exchange giant’s roadmap listing.
According to Coinbase, the experimental label means that a digital asset is highly volatile and has lower trading volume compared to other cryptocurrencies in the cryptocurrency exchange giant’s repertoire.
The announcement sent ARB soaring as the crypto asset moved from its 24-hour low of $1.26 to a high of $1.54, an increase of 22.2%. ARB has since pulled back and is trading at $1.37 at the time of writing. However, ARB’s launch saw the asset suffer significant losses as it plunged more than 70% since its debut.
Earlier this month, four prominent cryptocurrency exchanges announced that they would be adding support for Arbitrum, which at the time was about to have its first airdrop.
The exchanges (MEXC, Huobi, Bitrue and Bybit) said they would list ARB by March 23, according to previous reports.
Yesterday, the Arbitrum foundation went ahead with its scheduled airdrop and distributed 12.5% ​​of its token supply to eligible users. According to blockchain explorer Arbiscan, the airdrop caused the number of daily transactions on Arbitrum to skyrocket from 1,218,525 to 2,733,872.
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