Offchain Labs, the original developer of Arbitrum, has announced the launch of a new "fast withdrawal" feature, which allows selected Orbit chains and RaaS providers to complete withdrawals within 15 minutes, compared to the usual wait time of up to 7 days.

The team stated: "After implementing fast withdrawals, withdrawal times have been reduced by over 90%, and the withdrawal process is very similar to withdrawing from a bank account. Although not identical, compared to traditional blockchain standards, it is a substantial improvement, making it closer to the traditional TradFi fund transfer experience."