U.S.-based crypto exchange Coinbase announced on March 22 that it intends to support Arbitrum’s upcoming native token ARB and list it for trading on the platform.
Coinbase said it will add support for the ERC-20 token and warned users not to send it to networks other than Ethereum. The exchange added that it will begin trading once there is sufficient supply and liquidity conditions are met. Trading is expected to begin sometime after the airdrop on March 23.
The USD-ARB trading pairs on Coinbase will be launched in phases, according to the announcement. Additionally, the coin will carry the “experimental” tag on the exchange.
The experimental label only informs users that the token is new to the platform and does not hamper holding, transferring or trading.
The exchange also said that ARB trading will not be available in some supported jurisdictions without giving any further details.
According to the announcement:
“The Arbitrum network (ERC-20 token) contract address for Arbitrum (ARB) is 0x912CE59144191C1204E64559FE8253a0e49E6548.”
Coinbase also warned that some users might face delays in depositing on the Arbitrum network and is working to resolve the issue causing it.
The Arbitrum community has been eagerly awaiting the launch of its native token for a number of years now and the network has promised to distribute 56% of the circulating supply to the Arbitrum community — made up of network users.
The current airdrop will distribute 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs operating in the Arbitrum ecosystem.
Eligible users were picked transparently using a multitude of factors that were published when the airdrop — slated for March 23 — was announced.
Meanwhile, the anticipation for ARB’s launch has caused many people to start selling eligible wallets at discounted rates based on the current speculative value of ARB being close to $1.