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Coinbase Teases Coinbase Wrapped Bitcoin (cbBTC) Expansion to Ethereum Layer-2 Arbitrum (ARB)

September 27, 2024

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

In a new announcement on the social media platform X, Coinbase Assets tells its audience that Coinbase Wrapped Bitcoin (cbBTC) is “coming soon” to the smart contract platform Arbitrum.

Earlier this month, Coinbase announced the launch of cbBTC, a token that would allow holders of the crypto king to access decentralized finance (DeFi) protocols over 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 the DeFi experience of BTC holders.

“cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways onchain. cbBTC 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.”

Weeks later, Coinbase executive Hasan Ahmen said that the crypto exchange would be bringing cbBTC over to Solana (SOL), Ethereum’s top 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 therefore cbBTC, is trading for $66,011 at time of writing, a 1% gain during the last 24 hours.

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