The largest bitcoin (BTC) trading platform in the world, Binance, has enabled support for direct USD Coin (USDC) deposits and withdrawals over the Arbitrum network since USD Coin (USDC) was integrated into the Arbitrum One network on June 16.
It’s crucial to keep in mind that Binance customers can only start withdrawals for USD Coin (USDC) on the Arbitrum One network if there are enough deposits. Users won’t receive an additional notification from Binance when withdrawals start.
To prevent complications, Binance advises users to use the proper chain while depositing or withdrawing USDC.
On the Ethereum blockchain, Arbitrum serves as a secondary layer. It tries to address the issues of poor transaction rates, constrained scalability, and poor privacy.
Using Arbitrum, users may carry out cheaper and more efficient transactions outside of the main Ethereum network. Later, these transactions are looked through, gathered, and included in the main blockchain.
The world’s biggest blockchain for smart contracts is intended to be more effective, scalable, and private because of Ethereum layer-2 networks like Arbitrum.