Coinbase Teases Coinbase Wrapped Bitcoin (cbBTC) Expansion to Ethereum (ETH) Rival Arbitrum (ARB)

High US crypto trade Coinbase is teasing its new packaged model of Bitcoin (BTC) with Ethereum (ETH) layer-2 scaling resolution Arbitrum (ARB).

In a brand new announcement on social media platform X, Coinbase Property tells its viewers that Coinbase Wrapped Bitcoin (cbBTC) is coming to sensible contract platform Arbitrum “quickly.”

Earlier this month, Coinbase introduced the launch of cbBTC, a token that may give holders of the crypto king entry to decentralized finance (DeFi) protocols through the Ethereum and Base blockchains.

On the time, Coinbase stated cbBTC could be suitable with a number of distinguished DeFi platforms, together with Aave (AAVE), Curve FInance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).

In an accompanying weblog submit, Coinbase defined how cbBTC would streamline BTC holders’ DeFi expertise.

“cbBTC removes a key level of friction by permitting clients to make use of the Bitcoin they already personal on-chain in new methods. cbBTC is constructed to be seamlessly suitable with DeFi functions, so customers can now leverage new DeFi use instances, comparable to offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto property.”

Weeks later, Coinbase CEO Hasan Ahmen stated the crypto trade would carry cbBTC to Solana (SOL), Ethereum’s greatest competitor.

“We just lately launched cbBTC on Base, however our customers love Solana and so can we, so we’re very excited to announce that we’ll even be bringing native cbBTC to Solana.”

Bitcoin, and due to this fact cbBTC, is buying and selling at $66,011 on the time of writing, a achieve of 1% over the previous 24 hours.

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Featured picture: Shutterstock/estevez