Blockchain Developer Offchain’s New Business Unit to Focus on Wider Adoption

Offchain Labs, the innovative team behind the Arbitrum blockchain, is initiating a new division aimed at pushing crypto networks into the mainstream. Arbitrum operates as a layer 2 blockchain, enhancing Ethereum—widely regarded as the leading crypto network—by speeding up transactions and reducing costs. With its cryptocurrency holdings valued at approximately $15 billion, which accounts for 41% of the entire layer 2 market as reported by L2BEAT, Arbitrum is the largest player in its field.

The new venture, named Tandem, will receive an investment exceeding $10 million from Offchain Labs and will focus on endeavors beyond the Arbitrum framework, confirmed Steven Goldfeder, the CEO and co-founder based in Princeton, New Jersey. The company enjoys the support of notable venture capital firms such as Lightspeed Venture Partners and Ribbit Capital.

Tandem's efforts will mainly target projects still tied to the Ethereum network, particularly those that aim for widespread blockchain adoption. Goldfeder highlighted collaborations with entities like Robinhood Markets Inc, an Arbitrum partner, and ventures into blockchain-based gaming.

Goldfeder emphasized that the projects supported by Tandem would align closely with their existing operations, ruling out involvement with projects lacking relevance to their core mission. As Arbitrum's service provider, Offchain Labs primarily generates revenue through network fees, a figure expected to grow substantially with Tandem's launch.

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