According to Bloomberg, Offchain Labs, the developer behind the Arbitrum blockchain, is introducing a new unit aimed at promoting mainstream adoption of crypto networks. Arbitrum, a layer 2 blockchain, facilitates faster and lower-cost transactions on Ethereum, the leading commercial crypto network. Currently, Arbitrum holds approximately $15 billion in cryptocurrencies, representing 41% of the total layer 2 market, as reported by tracker L2BEAT, making it the largest in the sector.
Offchain Labs has allocated over $10 million to the new unit, named Tandem, which will focus on projects beyond Arbitrum, according to Steven Goldfeder, CEO and co-founder of the Princeton, New Jersey-based company. Offchain Labs is supported by venture investors such as Lightspeed Venture Partners and Ribbit Capital. Tandem will primarily target projects within the Ethereum ecosystem, aiming to drive mainstream blockchain adoption. Goldfeder mentioned that the unit would not support projects that are entirely unrelated to their current focus.
As a service provider to Arbitrum, Offchain Labs generates its main revenue from network fees. Goldfeder anticipates that the new business unit will contribute significantly to the company's revenue once it is operational.
