Ethereum’s scaling solution Arbitrum raises $120 million and rolls out to the public. Interestingly, FTX’s founder Sam Bankman-Fried invests in Arbitrum via its quantitative crypto trading firm Alameda Research. And, Bankman-Fried is one of the most prominent supporters of ‘Ethereum killer’ Solana blockchain.
Offchain Labs, Arbitrum’s developer, announces a $120 million funding round led by Lightspeed Venture Partners. Participating investors include Alameda Research, Polychain Capital, Ribbit Capital, Pantera Capital, Mark Cuban and others.
Arbitrum is a Layer-2 solution for the Ethereum network that makes smart contracts scalable, fast, and private. Arbitrum is interoperable with Ethereum, the most popular blockchain. It allows dApp developers to easily run Ethereum-based contracts on a second layer. Users can easily transfer Ether (ETH), or any other Ethereum-based token between Ethereum and Arbitrum, at lower costs.
Arbitrum processes transactions on a sidechain that uses Optimistic Rollups technology. It regularly settles them in batches on the main Ethereum blockchain. The mainnet launch means the public can now interact with decentralized apps on Arbitrum.
SBF Exchange FTX Buys Licensed Derivatives Exchange LedgerX
FTX.US has agreed to acquire LedgerX for an undisclosed sum. The US affiliate of Sam Bankman-Fried’s crypto exchange is set to expand product offerings to futures and options trading.
Moreover, LedgerX is a derivatives exchange and clearing house owning a license from the Commodity Futures Trading Commission (CFTC).
Retail and institutional investors commonly use crypto derivatives products to hedge their exposures to the underlying asset or trade. For now, the majority of global crypto volume trades through derivatives.
For FTX.US, the deal represents more than just an expansion into crypto derivatives. It can offer options and futures contracts on Bitcoin and Ethereum to big and small investors in the U.S.
“This is probably one of the most exciting announcements we’ve ever had,” Bankman-Fried tweets. “We’re excited to work with the CFTC on innovating in the US crypto derivatives space in a regulated, understood manor. Common ground between regulators and industry is the foundation of safe, sustainable innovation.”
Currently, FTX.US only supports spot trading for selected cryptocurrencies including Bitcoin, Ether, Litecoin, and Tether (USDT). Once FTX.US closes the deal, it can work with the CFTC on how to fold the two platforms together.
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