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

According to Odaily Planet Daily, LG Electronics has selected Ethereum Layer 2 network Arbitrum to develop a new blockchain for supporting advertising and media-related scenarios. Following the announcement, Arbitrum's native token, ARB, surged over 5% in a single day.

The network will be used for the placement, purchase, sale, and management of digital advertisements, as well as recording user interactions with ad content. Developed by Offchain Labs, Arbitrum employs Optimistic Rollup technology, aiming to provide faster and lower-cost transaction experiences for Ethereum.

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