Coinbase, the leading cryptocurrency exchange in the US, is hinting at the upcoming release of its wrapped version of Bitcoin (BTC) for the Ethereum layer-2 scaling solution Arbitrum (ARB).
In a recent post on the social media platform X, Coinbase Assets informs its followers that Coinbase Wrapped Bitcoin (cbBTC) will soon be available on Arbitrum’s smart contract platform.
This month, Coinbase unveiled the cbBTC token, designed to enable Bitcoin holders to participate in decentralized finance (DeFi) protocols across the Ethereum and Base blockchains.
Coinbase specified that cbBTC would support several major DeFi platforms, including Aave (AAVE), Curve Finance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).
In a related blog entry, Coinbase elaborated on how cbBTC aims to enhance the DeFi experience for Bitcoin holders.
“cbBTC alleviates a significant friction point by enabling customers to utilize their existing Bitcoin on-chain in innovative ways. cbBTC is designed for seamless integration with DeFi applications, allowing users to explore new DeFi opportunities, such as providing their Bitcoin as liquidity for DeFi protocols or using it as collateral to borrow other crypto assets.”
Shortly thereafter, Coinbase executive Hasan Ahmen announced plans to expand cbBTC to the Solana (SOL) blockchain, which competes directly with Ethereum.
“We recently launched cbBTC on Base, but we have a strong user base on Solana, and we are thrilled to share that cbBTC will also be available natively on Solana.”
As of this writing, Bitcoin, and thus cbBTC, is trading at $66,011, marking a 1% increase in the past 24 hours.
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Featured Image: Shutterstock/estevez
