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Arbitrum Awards Biggest-Ever Foundation Grant to Lotte, the South Korean Megacorp

Arbitrum, the largest layer-2 network on top of Ethereum, has awarded its biggest-ever developer grant to Lotte Group, the multibillion-dollar South Korean conglomerate known for its vast portfolio of shopping malls, media companies and entertainment properties. According to Offchain Labs, the developer behind Arbitrum, the grant cements Arbitrum as the main blockchain infrastructure provider for Caliverse, Lotte`s metaverse gaming platform. Offchain Labs shared the news at CES 2025, the technology tradeshow happening this week in Las Vegas, Nevada. A representative for the company declined to disclose the exact size of the grant "at this stage." It was technically awarded by the non-profit Arbitrum Foundation, which periodically doles out grants in $ARB tokens to help spur development in the Arbitrum ecosystem. "Lotte is Arbitrum Foundation`s largest grant recipient to date. And we`re proud to be working with partners so closely aligned with our vision," said John Park, Head of Korea at The Arbitrum Foundation. Lotte`s Arbitrum integration could signal renewed interest from traditional companies in building blockchain-based virtual worlds—the "metaverse" concept that earned mainstream buzz a few years ago but has since become less top-of-mind for many technologists and investors. Lotte first showed interest in releasing metaverse-related products in 2022 and announced that it was entering a "strategic partnership" with Arbitrum last year . Caliverse is mainly a venue where the South Korean megacompany experiments with emerging tech trends like artificial intelligence, virtual reality and crypto. Caliverse users can explore virtual worlds featuring differing kinds of media content and futuristic shopping experiences. The app currently features content from a grab-bag of big brands, ranging from 7-Eleven to the Tomorrowland music festival. Much of the content on Caliverse comes from fashion and beauty companies like Givenchy, MCM, and L’Occitane. Users can currently shop for those brands or experience concerts and other kinds of media within the Caliverse app. The new integration with Arbitrum means that blockchain users will be able to pay for certain services using crypto, and systems like in-game transactions could start running on-chain. The Arbitrum blockchain has become a popular choice among gaming platforms, with the network experiencing a 72% year-over-year growth in 2024 for gaming, according to Offchain Labs. According to a press release the company shared with CoinDesk, Arbitrum currently hosts 119 game titles and 23 gaming-focused blockchains through its Arbitrum Orbit stack, a customizable toolkit that lets developers create their own blockchains based on Arbitrum’s technology. “Arbitrum’s blockchain is the ideal home ground for Lotte Caliverse, delivering industry-leading 250ms block times that ensure high-quality performance within virtual worlds and gaming experiences,” said Steven Goldfeder, the co-founder and CEO of Offchain Labs. “With Arbitrum now powering Lotte Caliverse, in-game transactions will be seamlessly integrated on-chain and will eliminate transaction latency, providing users with a smooth, consumer-friendly experience that sets a new standard for Arbitrum-based interactions in virtual worlds.” Read more: Trading Platform Robinhood, Layer-2 Arbitrum Team Up To Offer Swaps To Users CoinOtag

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Bitcoin retreats from $102K high amid hot job data and Federal Reserve projections

Bitcoin drops 5% from $102K high as hot US job data and Federal Reserve projections weigh on markets, with $400M liquidated. The post Bitcoin retreats from $102K high amid hot job data and Federal Reserve projections appeared first on Crypto Briefing . CoinOtag