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Arbitrum Moves $6.9 Million Worth of ARB Tokens to Coinbase Prime

Arbitrum Moves $6.9 Million Worth of ARB Tokens to Coinbase Prime

Arbitrum Foundation’s multi-sig wallet continues transferring unlocked ARB tokens to Coinbase Prime, part of monthly unlocks since July 2023, totaling over $318 million in value.

ARB

Fact Check
The statement is directly confirmed by multiple corroborating news sources. Evidence from both mexc.com and blockchain.news specifies that a wallet officially owned by Arbitrum transferred approximately 13.1 million ARB tokens, valued at around $6.9 million, to Coinbase Prime.
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Summary

An Arbitrum Foundation multi-sig wallet transferred 10 million ARB ($4.99 million) to Coinbase Prime as part of ongoing monthly unlocks. Since July 2023, over 414 million ARB have been unlocked, with 350 million transferred to Coinbase Prime, valued at $318 million at an average price of $0.91 per ARB.

Terms & Concepts
  • Multi-signature Wallet: A cryptocurrency wallet requiring multiple private keys to authorize a transaction, enhancing security and reducing single-point failure risks.
  • ARB Token: The native governance token of Arbitrum, used for protocol governance and ecosystem participation.
  • Coinbase Prime: An institutional-grade platform by Coinbase that offers advanced trading, custody, and financing solutions for digital assets.