Coinbase Teases New Wrapped Bitcoin (BTC) Version Coming Soon to Arbitrum (ARB)

Top US-based crypto exchange Coinbase is teasing its new wrapped version of Bitcoin (BTC) to Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB).

Major cryptocurrency exchange Coinbase is preparing to launch its own version of wrapped Bitcoin on Ethereum layer-2 scaling solution Arbitrum.

In a brief announcement on social media, Coinbase Assets teased the upcoming integration of Coinbase Wrapped Bitcoin (cbBTC) with Arbitrum.

Earlier in March, Coinbase announced the launch of cbBTC, a token that will enable holders of the flagship cryptocurrency to interact with decentralized finance (DeFi) protocols on the Ethereum and Base blockchains.

At the time, Coinbase revealed that cbBTC will be integrated with several leading DeFi platforms, including Aave (AAVE), Curve FInance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).

In a separate blog post, Coinbase explained how cbBTC will enhance the DeFi experience for Bitcoin holders.

“cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways onchain. cb凳币 is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets.”

Later in March, Coinbase executive Hasan Ahmen stated that the crypto exchange will be adding cbBTC to Solana (SOL), Ethereum’s main 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 be bringing native cbBTC to Solana as well.”

Bitcoin, and hence cbBTC, is trading at $66,011 at the time of writing, up 1% in the last 24 hours.