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cbBTC: Bitcoin Now Available on Arbitrum Network

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by Giorgi Kostiuk

8 months ago

The cbBTC token is now available on the Arbitrum platform, facilitating the use of Bitcoin within the Ethereum ecosystem.

What is cbBTC?

cbBTC is an ERC-20 token operating on the Ethereum blockchain, backed 1:1 by Bitcoin held in reserve by Coinbase. This means that for each cbBTC token, there is an equivalent real Bitcoin securely held with Coinbase.

Benefits of Using Arbitrum

Arbitrum allows for faster and cheaper transactions compared to the main Ethereum network. With cbBTC on Arbitrum, users can trade and transfer Bitcoin-backed tokens more easily and at a lower cost.

Significance for Bitcoin Users

For Bitcoin enthusiasts, this opens up new possibilities. Arbitrum's speed and low fees make interacting with Bitcoin in the Ethereum network easier, eliminating the need to choose between these cryptocurrencies.

cbBTC showcases how blockchain technology continues to evolve, providing a more accessible, faster, and secure way to use Bitcoin.

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