Top US crypto exchange Coinbase is teasing its new packaged version of Bitcoin (BTC) with Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB).
In a new announcement on social media platform X, Coinbase Assets tells its audience that Coinbase Wrapped Bitcoin (cbBTC) is coming to smart contract platform Arbitrum “soon.”
Earlier this month, Coinbase announced the launch of cbBTC, a token that would give holders of the crypto king access to decentralized finance (DeFi) protocols via the Ethereum and Base blockchains.
At the time, Coinbase said cbBTC would be compatible with several prominent DeFi platforms, including Aave (AAVE), Curve FInance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).
In an accompanying blog post, Coinbase explained how cbBTC would streamline BTC holders’ DeFi experience.
“cbBTC removes a key point of friction by allowing customers to use the Bitcoin they already own on-chain in new ways. cbBTC is built to be seamlessly compatible with DeFi applications, so users can now leverage new DeFi use cases, such as providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets.”
Weeks later, Coinbase CEO Hasan Ahmen said the crypto exchange would bring cbBTC to Solana (SOL), Ethereum’s biggest competitor.
“We recently launched cbBTC on Base, but our users love Solana and so do we, so we are very excited to announce that we will also be bringing native cbBTC to Solana.”
Bitcoin, and therefore cbBTC, is trading at $66,011 at the time of writing, a gain of 1% over the past 24 hours.
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Featured image: Shutterstock/estevez
Credit : dailyhodl.com
