BitGo, a leading provider of digital asset custody services, has announced the integration of support for Arbitrum’s native ERC-20 governance token, ARB, further enhancing its wallet offerings. With this update, BitGo’s clients can now manage ARB tokens across various wallet options, including Hot, Custodial, and Self-Managed Cold wallets, making it easier to access and manage ARB tokens.
Arbitrum is a Layer 2 (L2) scaling solution designed to address scalability, speed, and cost challenges on the Ethereum network. By utilizing Arbitrum’s technology, Ethereum transactions can become more efficient, scalable, and private. This is particularly important as Ethereum has faced limitations in terms of smart contract execution, resulting in high costs and lower efficiency. Arbitrum’s innovative approach aims to streamline and improve the functionality of the Ethereum blockchain.
One of Arbitrum’s unique features is its Arbitrum Rollup technology, which simplifies the process of transferring smart contracts from Ethereum to its Layer 2 without significant changes. This enables decentralized applications (dApps) to seamlessly integrate and operate on a more scalable and cost-effective platform. By bundling multiple transactions into a single operation, Arbitrum’s optimistic Rollups relieve congestion on the Ethereum mainnet, reducing transaction fees and increasing processing speed while maintaining security and decentralization.
In addition to adding support for ARB, BitGo’s integration also includes other tokens within the Arbitrum ecosystem, such as Arbitrum Ethereum (Arbeth), ChainLink (Arbeth:Link), USDC, and USDT. This expanded support allows BitGo’s clients to manage and trade a wider range of digital assets within the Arbitrum environment.
By embracing Layer 2 solutions like Arbitrum, BitGo not only improves the scalability and efficiency of its services but also contributes to the wider adoption and development of the Ethereum ecosystem. This development opens up new opportunities for builders and users in the decentralized finance (DeFi) sector, driving innovation and growth.