High US-based crypto alternate Coinbase is teasing its new wrapped model of Bitcoin (BTC) to Ethereum (ETH) layer-2 scaling resolution Arbitrum (ARB).
In a brand new announcement on the social media platform X, Coinbase Belongings tells its viewers that Coinbase Wrapped Bitcoin (cbBTC) is “coming quickly” to the sensible contract platform Arbitrum.
Earlier this month, Coinbase introduced the launch of cbBTC, a token that may permit holders of the crypto king to entry decentralized finance (DeFi) protocols over the Ethereum and Base blockchains.
On the time, Coinbase mentioned cbBTC can be suitable with a number of outstanding DeFi platforms, together with Aave (AAVE), Curve FInance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).
In an accompanying weblog put up, Coinbase defined how cbBTC would streamline the DeFi expertise of BTC holders.
“cbBTC removes a key level of friction by permitting clients to make use of Bitcoin they already maintain in new methods onchain. cbBTC is constructed to be seamlessly suitable with DeFi purposes, so customers can now faucet into novel DeFi use instances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto property.”
Weeks later, Coinbase government Hasan Ahmen mentioned that the crypto alternate can be bringing cbBTC over to Solana (SOL), Ethereum’s prime competitor.
“We not too long ago launched cbBTC on Base, however our customers love Solana and so can we, so we’re very excited to announce that we’ll be bringing native cbBTC to Solana as effectively.”
Bitcoin, and due to this fact cbBTC, is buying and selling for $66,011 at time of writing, a 1% achieve over the last 24 hours.
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