Bybit Donate $134M To BitDAO And Arbitrum Integration

Bybit puts its money and trust in BitDAO and commits to contribute periodically once its integration with the L2 Arbitrum network is complete.

Bybit donates $134M to BitDAO and integrates Arbitrum

News of crypto derivatives exchange Bybit doubled on Thursday, when the company announced via Twitter its $134 million contribution to BitDAO Treasury in the form of Ether (ETH), Tether (USDT) ) and USD Coin (USDC), as well as completing the integration of the Ethereum Layer 2 solution Arbitrum.

BitDAO currently has one of the largest decentralized treasury, and it recently funded zkDAO $200 million to build more on zkSync and scale Ethereum. Bybit’s investment demonstrates their trust in BitDAO to lead and support DeFi projects. Bybit joins other backers like Peter Thiel, Founders Fund, Pantera, Dragonfly and Spartan.

Related: Arbitrum Network Slight Outage Due to Hardware Failure

Bybit’s integration with Arbitrum will allow users to deposit and withdraw ETH, USDT, and USDC on the Arbitrum network. Other possible benefits include lower gas fees compared to those on the Ethereum mainnet, fast throughput, and reduced latency due to Arbitrum’s optimistic implementations.

Ben Zhou, Bybit’s co-founder and CEO, says his company is able to deliver “next-level products and services” thanks to its “widespread, home-friendly ecosystem” support. development and decentralization” by Arbitrum.

The Ethereum Layer 2 Scaling Solution is developed to smooth the Ethereum mainnet. The total current value of locked Arbitrum, or TVL, is $1.54 billion, according to DeFi Llama.

Related: Crypto derivatives can foresee price action but need institutional buzz to really shine

Bybit also recently launched its own NFT marketplace that will give customers the option to use their Bybit accounts to trade NFTs instead of having to link their personal wallet addresses.

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