Coinbase will add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds will be lost.
What is cbETH? Let’s dive in ?? pic.twitter.com/n3Dp4OA6HO
— Coinbase Assets (@CoinbaseAssets) August 24, 2022
Note that the price of cbETH is NOT meant to track the price of ETH 1:1. cbETH represents staked ETH plus all of its accrued staking interest, starting from when cbETH’s conversion rate and balance were initialized (June 16, 2022 19:34 UTC).
— Coinbase Assets (@CoinbaseAssets) August 24, 2022
Coinbase Wrapped Staked ETH (cbETH) is a utility token that represents ETH2, which is ETH staked through Coinbase. cbETH can be sold or sent off-platform, while ETH2 will remain locked-up until a future protocol upgrade.
Learn how cbETH works here: https://t.co/jtGdQelSI9
— Coinbase Assets (@CoinbaseAssets) August 24, 2022
Once sufficient supply of this asset is established, trading on our CBETH-USD trading pair will launch in phases. Support for cbETH may be restricted in some supported jurisdictions.
— Coinbase Assets (@CoinbaseAssets) August 24, 2022
It’s a hypothetical we hopefully won’t actually face. But if we did we’d go with B i think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.
— Brian Armstrong – barmstrong.eth (@brian_armstrong) August 17, 2022
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Source: https://decrypt.co/108180/coinbase-announces-cbeth-wrapped-ethereum-staking-token