News

Offchain Labs Secures $1.7 Million Investment From Binance

Key Points:

  • Offchain Labs secures an investment of 1.72 million ARB tokens, valued at about $1.7 million, from Binance through a recent funding round.
  • The “0xb41” address, previously involved with Offchain Labs, purchased 4.48 million ARBs during a market downturn and transferred them to the project, highlighting a strategic alignment between the two entities.
In a significant development, Offchain Labs has successfully raised 1.72 million ARB (Arbitrum) tokens, equivalent to approximately $1.7 million, in a recent funding round led by Binance. 

The transaction, monitored by Spot On Chain, underscores Offchain Labs’ growing prominence in the blockchain sector. The transaction, executed through an address starting with “0xb41,” took place just one hour ago, cementing Offchain Labs’ partnership with Binance as a strategic investor. This infusion of capital not only bolsters the firm’s financial standing but also highlights Binance’s confidence in the project’s potential.

Interestingly, this isn’t the first instance of collaboration between Offchain Labs and the “0xb41” address. During a market downturn in June, the same address acquired a notable 4.48 million ARBs at an average price of around $0.99, totaling approximately $4.45 million. Subsequently, these tokens were transferred to an address associated with Offchain Labs, reflecting a strategic alignment between the two entities.

The firm’s focus on scaling solutions for Ethereum, particularly through its Arbitrum technology, has garnered attention in the blockchain community. This successful investment round further solidifies position as a key player in enhancing the scalability and efficiency of blockchain networks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Chubbi

Recent Posts

Upbit Expands Solana DEX with New DRIFT Trading Pairs

Upbit's planned listing includes DRIFT trading pairs for the Korean Won, Bitcoin, and Tether.

22 mins ago

Bitcoin Spot ETF Inflows Hit Record $1.376 Billion on Nov 7

Bitcoin Spot ETF Inflows reach $1.376 billion on November 7, with BlackRock ETF IBIT seeing…

2 hours ago

Detroit Crypto Payments To Be Accepted For City Taxes

Detroit will become the largest U.S. city to accept crypto payments for taxes and fees…

2 hours ago

Trump Team Considers Robinhood Chief Legal Officer For SEC

Trump's transition team is considering Robinhood Chief Legal Officer Dan Gallagher for SEC chair, with…

2 hours ago

Schneider Electric Hit By Hellcat Ransomware In Data Breach

Schneider Electric faced a Hellcat Ransomware attack demanding $125,000 in Monero, threatening to release 40GB…

2 hours ago

Ethereum Foundation Report 2024 Asset Reserves And Strategy

Ethereum Foundation Report 2024 reveals asset reserves of $970.2M, with $788.7M in crypto (99.45% ETH).…

3 hours ago

This website uses cookies.