Binance opens layer-2 ETH deposits with Arbitrum One integration

Binance opens layer-2 ETH deposits with Arbitrum One integration

Today, Binance announced the integration of the Arbitrum One core network and opened Ether (ETH) deposits on the Arbitrum One Layer 2.

Arbitrum is a third-generation layer-2 optimistic rollup protocol that runs on an off-chain Ethereum contract and lowers costs and speeds up transactions than on the Ethereum mainnet.

The announcement notes that Binance users can now deposit any ERC-20 token from the Ethereum network with Arbitrum at a reduced transaction cost. In addition, Binance also stated that it will enable ETH withdrawals on the Arbitrum One Network Layer 2 in the near future, making it one of the first centralized exchanges with layer-2 support.

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