Consumer Giant LG Partners With Ethereum L2 Arbitrum to Launch Blockchain for Advertising
Highlights
- LG partnered with Arbitrum to launch its layer-2 network.
- The blockchain network is designed for advertising.
- LG will explore how to roll out the Ad platform to the market later this year.
Tech giant LG has collaborated with the Ethereum layer-2 network Arbitrum to launch its layer-2 network that will serve as an advertisement platform. Arbitrum’s ARB token surged on the back of this development, recording a double-digit gain in the process.
LG Partners With Arbitrum To Launch Layer-2 Network
According to a Fortune report, the South Korean tech giant has collaborated with Arbitrum to build its blockchain network designed for advertising. The company reportedly has its own dedicated blockchain research lab and piloted the project with an unnamed Japanese ad agency.
The report revealed that the new blockchain network will provide advertisers and publishers with a shared database of ad inventory and record how customers have interacted with the advertisements. Following its partnership with the top layer-2 network, Arbitrum, to develop its own layer-2 network, LG will now focus on bringing this ad platform to market later this year.
LG’s Head of the Blockchain research department, Samuel Byungsun Park, said that they are evaluating whether this approach can deliver meaningful value to advertisers, publishers, and audiences. Meanwhile, commenting on this move, Arbitrum’s cofounder, Steven Goldfeder, said that the new ad platform can help make the process of selling advertisements more efficient.
“It means that you can basically run the market in an automated way in software. You don’t need manual interventions,” he added. The consumer device giant is the latest to adopt blockchain technology to expand its offerings.
As CoinGape reported earlier today, Wall Street giant Citigroup is planning to roll out tokenized shares of private companies. The bank is launching this venture to enable its wealthy and institutional clients to trade shares of these companies just like they do with public companies.
ARB Price Surges Double Digits
The Arbitrum token sharply surged to as high as $0.085, recording double-digit gains on the back of the revelation of the partnership with LG. The layer-2 token has pared some of these gains and is currently trading at around $0.083, still up over 7%, according to TradingView data.
However, the token is still down over 40% in the last month and down over 55% year-to-date (YTD). ARB is also up today amid Arbitrum’s inclusion on Fortune’s inaugural ‘Crypto 100’ list. The token has also surged alongside the broader crypto market as U.S. President Donald Trump confirmed a U.S.-Iran peace deal.
Altcoins rose as Bitcoin broke above $63,000 on the back of President Trump’s statement. However, Iranian state media outlet Fars stated that there is no peace deal in place, according to Iranian officials.
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