CoinGate Launches Payments on Arbitrum Network

Want to go shopping on CoinGate using ETH, but the transaction fees are too high? Use Arbitrum. 

As Ethereum gas fees continue to be a significant hurdle for users and developers alike, several layer 2 solutions are battling for dominance in the mission to reduce fees and speed up transaction times. 

Among them, Arbitrum stands out with its innovative use of optimistic rollups, a breakthrough in achieving scalability on the Ethereum blockchain.

What is Arbitrum?

Developed by Offchain Labs, Arbitrum is a layer 2 platform that executes transactions off-chain for superior performance while maintaining the security and decentralization of the Ethereum mainnet. 

Launched in September 2021, Arbitrum offers a faster and more affordable alternative to the Ethereum mainnet.

Arbitrum Arrives on CoinGate 

With high Ethereum gas fees being a common pain point for crypto enthusiasts, CoinGate’s introduction of payments on the Arbitrum network provides a breath of fresh air. 

Users can now spend ETH and USDT (ERC-20) at CoinGate’s merchant websites and a gift card store using Arbitrum network, thus allowing users to benefit from significantly lower transaction fees and faster processing times.

For a rough comparison, the cost of sending ETH on Arbitrum is approximately $0.05 per transaction, compared to a current ~$0.75-$1 on Ethereum. 

How to Use Arbitrum?

Using Arbitrum at CoinGate is straightforward and intuitive – you just need to select the Arbitrum network before making a payment. 

Arguably the more difficult part is connecting your Ethereum wallet (like MetaMask) to the Arbitrum network, then depositing ETH or ERC-20 tokens like USDT from the Ethereum mainnet to the Arbitrum network using the Arbitrum bridge. 

Once you take care of that, the rest is a breeze. Thus, we expect Arbitrum to be a popular payment rail on our invoice, knowing how compelling it is for anyone eager to enjoy the benefits of the Ethereum network without the burden of high gas fees.