Company Updates, Crypto Payments

CoinGate Launches Payments on Arbitrum Network

Last updated: June 15, 2023 2 min read

Vilius Barbaravičius

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

arbitrum coingate

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.

Written by:

Vilius Barbaravičius

Vilius is a seasoned copywriter and bitcoin enthusiast specializing in blockchain and cryptocurrency topics. He's been with CoinGate since 2018, writing blogs, social media content, sales materials, newsletters, FAQs, and more. He's relentless in pursuing knowledge and a better understanding of the crypto industry, which helps him create meaningful and engaging content every day.