BitGo is pleased to announce support for ARB, the native ERC-20 governance token for Arbitrum.
Clients can now custody ARB in Hot, Custodial, and Self-Managed Cold wallets.
Arbitrum is a Layer 2 (L2) technology designed “to enhance scaling solutions by empowering users to explore and build in the largest Layer 1 ecosystem, Ethereum. Its L2 scaling solution is tailored for Ethereum, amplifying the network’s capacities through accelerated transaction speeds, bolstering scalability, and integrating privacy functionalities.”
According to Arbitrum, the main objective of the blockchain is “to tackle Ethereum’s smart contract constraints, such as inefficient performance and exorbitant execution expenses, which have impeded the overall user experience on the platform.”
Designed to empower builders, Arbitrum Rollup allows developers to migrate smart contracts from Ethereum to L2 “with minimal or no modifications.”
Its suite of L2 scaling technologies, “inclusive of optimistic Rollups, enables Ethereum smart contracts to expand their scalability by communicating with other smart contracts both on the Ethereum mainchain and within the Arbitrum second layer.”
As an optimistic Rollup for Ethereum, it powers high-throughput and low-cost decentralized applications (dApps).
Additionally, it uses Arbitrum Rollups “to bundle hundreds of transactions into one and offload traffic from the ETH mainnet onto the L2 chains.”
This is important as ETH still “faces some limitations.”
This solution increases the throughput of the Ethereum network “while maintaining its security and decentralization properties. As a result, dApps become more usable and scalable by reducing transaction costs and increasing throughput.”
With the launch of native ERC-20 token ARB, we’ve also added support for more tokens, including:
Arbitrum
- Arbitrum Ethereum (Arbeth): Bridged ether tokens on Arbitrum
- ChainLink (Arbeth:Link)
- USDC: Can be added to Arbeth wallet
- USDT: Can be added to Arbeth wallet
On the BitGo platform, builders and investors “can now use and create fast, safe, and user-friendly services for ARB.”
BitGo partners with coin foundations and protocols all over the world “to help them navigate the complexities of launching and managing their coins effectively.”
By removing operational complexity and security concerns, and deepening ecosystem support with WBTC and Layer 2 coins and tokens, BitGo says it “helps coin foundations and protocols thrive in the dynamic world of digital assets.”
BitGo, founded in 2013, is “a provider of secure digital asset wallet solutions, offering institutional-grade custody, staking, trading, and core wallet infrastructure.”
Notably, it pioneered the multi-signature wallet and launched BitGo Trust Company in 2018, the first qualified custodian for digital assets.
With a $250 million insurance policy, SOC 1 Type 2 and SOC 2 Type 2 certifications, and rigorous regulatory compliance, BitGo says it “ensures high standards of security and confidentiality.”
Expanding its services, BitGo introduced institutional-grade DeFi, NFT, web3 offerings, and the Go Network.
In 2023, it secured $100M Series C financing, “valuing the company at $1.75B. BitGo supports 700+ digital assets, processes 20% of on-chain Bitcoin transactions, and serves over 1,500 institutional clients across 50 countries.”
