LG Electronics to Develop New Blockchain Based on Arbitrum, ARB Rises Over 5%

According to reports, LG Electronics has selected the Ethereum Layer 2 network Arbitrum to develop a new blockchain aimed at supporting advertising and media-related scenarios. Following the news, Arbitrum's native token ARB rose over 5% in a single day.

The new network will be used for the placement, purchase, sale, and management of digital advertisements, as well as recording user interactions with advertising content. Arbitrum, developed by Offchain Labs, utilizes Optimistic Rollup technology and is designed to provide a faster, lower-cost transaction experience for Ethereum.

This is not LG's first foray into blockchain. Previously, LG introduced the enterprise-grade blockchain Monachain through its IT service division LG CNS and developed the crypto wallet Wallypto. It also launched the Art Lab NFT marketplace, but the platform was shut down last year.