Ethereum Layer 2 Network Arbitrum’s Development Team Offchain Labs Announces Strategic Purchase Plan
On Tuesday morning, the development team of Ethereum Layer 2 network Arbitrum, Offchain Labs, announced that it is increasing its holdings of the native token ARB in its treasury through a strategic purchase plan, in order to “reinforce our commitment to the ecosystem and strengthen our consistency.”
Offchain Labs stated that under the purchase plan, the team seeks to gradually acquire $ARB through public markets and other trading methods according to the parameters outlined in the plan.
The price of ARB has fallen over 30% in the past two weeks amid a weak performance in the overall cryptocurrency market and has dropped more than 70% from its local high of approximately $1.24 in early December of last year. As of the publication of this article, ARB was trading at $0.32, and Offchain Labs’ earlier repurchase announcement did not have a significant impact on the ARB price.