Coinbase, the largest crypto exchange in the U.S., has announced plans to release four new bridged tokens: cbADA, cbDOGE, cbLTC, and cbXRP.
These are wrapped versions of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), designed specifically for use on Base, Coinbase’s Ethereum Layer-2 network.
This move follows the earlier launch of cbBTC, a wrapped version of Bitcoin that operates on Base. Similar to cbBTC, the newly announced tokens will be backed 1:1 and locked through smart contracts, allowing them to function as equivalents of their native assets on the Base network.
These bridged tokens will enable users to interact with popular cryptocurrencies like ADA and XRP within the Ethereum ecosystem, enhancing their utility in DeFi protocols and dApps operating on Base. Coinbase also confirmed that users will be able to unlock their assets and return them to the original chain through smart contract mechanisms.
The exchange emphasized that these tokens are not live yet, cautioning users to avoid scams or counterfeit versions circulating before the official launch. An exact release date is expected to be announced soon.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/coinbase-to-launch-wrapped-versions-ada-doge-ltc-xrp-on-base-network/