Prime US-based crypto trade 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 good contract platform Arbitrum.
Earlier this month, Coinbase introduced the launch of cbBTC, a token that will enable holders of the crypto king to entry decentralized finance (DeFi) protocols over the Ethereum and Base blockchains.
On the time, Coinbase mentioned cbBTC could 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 prospects to make use of Bitcoin they already maintain in new methods onchain. cbBTC is constructed to be seamlessly suitable with DeFi functions, so customers can now faucet into novel DeFi use circumstances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto belongings.”
Weeks later, Coinbase government Hasan Ahmen mentioned that the crypto trade could be bringing cbBTC over to Solana (SOL), Ethereum’s prime competitor.
“We lately launched cbBTC on Base, however our customers love Solana and so can we, so we’re very excited to announce that we are going to be bringing native cbBTC to Solana as nicely.”
Bitcoin, and subsequently cbBTC, is buying and selling for $66,011 at time of writing, a 1% acquire over the last 24 hours.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Verify Value Motion
Observe us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in online marketing.
Featured Picture: Shutterstock/estevez
