US-based cryptocurrency exchange Coinbase is preparing to launch a wrapped version of Bitcoin (cbBTC) on the Ethereum layer-2 scaling solution Arbitrum. Coinbase aims to make the decentralized finance (DeFi) experience more streamlined for Bitcoin holders by allowing them to use their Bitcoin as liquidity or collateral in DeFi protocols. Furthermore, Coinbase plans to bring cbBTC to Solana, a competitor to Ethereum. At the time of writing, Bitcoin is trading at $66,011 with a 1% gain in the last 24 hours.



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