Ethereum · South Korea · The Block
Arbitrum token climbs 5% on news LG Electronics is building a new blockchain
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Arbitrum’s native ARB token is up over 5% on the day following news that LG Electronics has tapped the Ethereum scaling solution to launch a new blockchain.
Key facts
- Arbitrum is a leading Ethereum Layer 2 scaling solution developed by Offchain Labs that uses optimistic rollups to provide faster and cheaper transactions
- The South Korean tech conglomerate has previously launched the enterprise-focused Monachain, through its IT services arm LG CNS, and a dedicated Wallypto crypto wallet
- Arbitrum’s native ARB token is up over 5% on the day following news that LG Electronics has tapped the Ethereum scaling solution to launch a new blockchain
- Last year, LG shuttered its Art Lab NFT marketplace, which was first launched on Hedera before expanding to Ethereum
Summary
The network is designed to support advertising and media-related use cases, according to Fortune, which reported the story on Thursday, citing representatives from LG and Arbitrum. This would not be LG’s first foray into blockchains. Last year, LG shuttered its Art Lab NFT marketplace, which was first launched on Hedera before expanding to Ethereum. According to Fortune, LG’s new Arbitrum-based network will serve as a platform for placing, buying, selling, and managing digital ads, with the hope that onchain transactions will make the sector more transparent and efficient.