LG Electronics will develop a new blockchain based on Arbitrum, ARB rises over 5%

According to reports, LG Electronics has chosen the Ethereum Layer 2 network Arbitrum to develop a new blockchain to support advertising and media-related scenarios. Following the announcement, Arbitrum's native token ARB rose more than 5% in a single day. The network will be used for the delivery, purchase, sale, and management of digital advertising, and will record user interactions with advertising content.

Arbitrum is developed by Offchain Labs and uses Optimistic Rollup technology, aiming to provide a faster and lower-cost transaction experience for Ethereum. This is not LG's first foray into blockchain. Previously, LG launched the enterprise-level blockchain Monachain through its IT services division LG CNS and developed the crypto wallet Wallypto; it also launched the Art Lab NFT marketplace, but that platform was shut down last year.