Top US-based crypto exchange platform Coinbase is adding trading support for Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB), a chief competitor of Polygon (MATIC).
In a new announcement, Coinbase says that trading for Arbitrum is now available across both iOS and Android with an experimental label a week after it was added to the crypto exchange giant’s roadmap listing.
According to Coinbase, the experimental tag means that a digital asset is highly volatile and has a lower trading volume compared to other cryptocurrencies in the crypto exchange giant’s repertoire.
The announcement sent ARB soaring, as the crypto asset went from its 24-hour low of $1.26 all the way to a peak of $1.54, a 22.2% increase. ARB has since retraced and is trading for $1.37 at time of writing. However, ARB’s launch saw the asset see significant losses as it plummeted by over 70% since its debut.
Earlier this month, four prominent crypto exchange platforms announced that they would be adding support for Arbitrum, which at the time was about to have its first airdrop.
The exchange platforms – MEXC, Huobi, Bitrue, and Bybit – all said they would list ARB by March 23rd, 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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