cbBTC: Bitcoin Now on Arbitrum for Faster, Cheaper Transactions

This new token is now live on Arbitrum, making it easier for people to use Bitcoin in the Ethereum ecosystem.

cbBTC is an ERC-20 token, which means it’s built on the Ethereum blockchain. But what makes cbBTC special is that it’s backed 1:1 by Bitcoin (BTC) held by Coinbase. For every cbBTC token you have, there is an equal amount of real Bitcoin sitting safely with Coinbase.

Why Arbitrum?

Arbitrum is a platform that helps make transactions faster and cheaper than on the main Ethereum network. Now, with cbBTC on Arbitrum, users can trade and transfer Bitcoin-backed tokens more easily and at a lower cost.

When you buy or receive cbBTC, it’s just like having Bitcoin, but in a digital form that works inside the Ethereum ecosystem. You can use cbBTC on decentralized apps (dApps) and smart contracts, opening up all sorts of new possibilities.

cbBTC is live on @arbitrum.

cbBTC is an ERC-20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase.

It is natively available on Arbitrum and securely accessible to more users across the Ethereum ecosystem.

Start using cbBTC on day one ↓

— Coinbase (@coinbase) November 19, 2024

The big draw here is how secure and accessible it is. Coinbase holds the real Bitcoin in reserve, so you can always redeem your cbBTC for Bitcoin.

Why Should You Care?

For people who love Bitcoin, this is a big deal. Arbitrum’s speed and low fees make it easier to do more with Bitcoin, even though it’s now on the Ethereum network. You don’t have to choose between Bitcoin and Ethereum anymore. Now, you can have both.

The contract address for cbBTC on Arbitrum is:
0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf pic.twitter.com/qVQdDi2E98

— Coinbase (@coinbase) November 19, 2024

As the world of crypto keeps growing, cbBTC is just one more example of how blockchain technology is evolving. With this new token, users get a more accessible, faster, and cheaper way to use Bitcoin, all while keeping things secure.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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