Coinbase is expanding its wrapped Bitcoin (cbBTC) to Arbitrum, a popular Ethereum scaling solution. This means you’ll soon be able to use your Bitcoin on Arbitrum’s DeFi platforms.
What is cbBTC?
cbBTC is a token that represents Bitcoin on the Ethereum blockchain. It allows you to use your Bitcoin on decentralized finance (DeFi) platforms like Aave, Curve Finance, and Compound Finance.
Why is this important?
This move makes it easier for Bitcoin holders to access the growing DeFi ecosystem on Ethereum. You can use your Bitcoin as collateral to borrow other cryptocurrencies or provide liquidity to DeFi protocols.
Coinbase’s Expansion Plans
Coinbase is also bringing cbBTC to Solana, a popular competitor to Ethereum. This shows Coinbase’s commitment to expanding the reach of cbBTC and making it available on various blockchains.
What’s Next?
Coinbase hasn’t announced a specific date for the launch of cbBTC on Arbitrum, but it’s expected to happen soon. This is exciting news for Bitcoin holders who want to explore the world of DeFi.
