Coinbase, a prominent cryptocurrency exchange based in the United States, tweeted its support for listing the token beginning on March 23. This came just hours after Binance, the world’s largest digital asset exchange by market share, announced the launch of Arbitrum’s (ARB) perpetual contracts following the opening of its spot trading on the platform.
Coinbase Will Support Arbitrum (ARB)
The California-headquartered crypto exchange is in the process of expanding its range of tradable assets by adding the much anticipated layer-2 scaling solution, Arbitrum. The native cryptocurrency of the network, ARB, is an ERC20-based utility token that essentially functions as a governance token and can be used to cast votes on proposals that are essential to the functioning of the network.
Read More: Ripple President Confident Over Beating SEC In Court; XRP Price Set For Massive Rally?
Coinbase further announced that upon sufficient liquidity conditions are met, the exchange would announce the impending launch of trading on the ARB-USD pair in phases. Moreover, the ARB token would be listed under the “Experimental” tab which includes certain digital assets that are either new to the platform or have relatively low trading volume compared to other major cryptocurrencies.
ARB Token Price Action
The IOU (I Owe You) tokens have already experienced a trading volume of over $8 million in the previous 24 hours while trading data from the Hotbit exchange shows that on average, deals are being performed every two minutes. After reaching an all-time high of $14, ARB slipped and traded around the $10 range for some time. However, as things stand, the price of Arbitrum currently trades at $6 which represents a drop of 13% over the course of the day.
In the upcoming Arbitrum (ARB) airdrop, users are estimated to receive 11.6% of the total supply while DAOs on the Layer 2 platform will receive 1.1% of the overall supply. The Arbitrum Foundation, however, will receive the largest chunk of ARB which amounts to roughly 42.8% of the cryptocurrency.
Also Read: Hedera’s Patented Token Recovery System To Go Live Soon; What It Means For HBAR Price?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
