LG Taps Ethereum's Arbitrum for Advertising Blockchain

South Korean tech giant LG has collaborated with Ethereum's layer-2 network Arbitrum to launch its own layer-2 blockchain for advertising. According to a Fortune report, LG has been working on this project in conjunction with an unnamed Japanese ad agency and is now focused on bringing it to market later this year.

The new blockchain network will provide advertisers and publishers with a shared database of ad inventory and record customer interactions with advertisements. This approach aims to make the process of selling ads more efficient, as stated by Arbitrum's cofounder Steven Goldfeder: 'It means that you can basically run the market in an automated way in software. You don't need manual interventions.'

ARB token surged on the back of this development, recording double-digit gains before paring some of its gains to trade at around $0.083. The layer-2 token is still down over 40% in the last month and down over 55% year-to-date (YTD).