Coinbase Launches Wrapped Tokens for Dogecoin and XRP… Expanding the Base Ecosystem
Summary
- Coinbase announced the launch of wrapped tokens cbDOGE and cbXRP based on Dogecoin and XRP.
- These tokens can be traded on the Base network and allow access to DeFi services in the Ethereum ecosystem.
- Coinbase warned of the risk of impersonator assets and emphasized the need to check the official smart contract address.
Global virtual asset (cryptocurrency) exchange Coinbase has launched wrapped tokens cbDOGE and cbXRP, based on Dogecoin (DOGE) and XRP. Both tokens can be traded on Base, Coinbase's layer-2 network.
According to CryptoPolitan on the 5th (local time), Coinbase announced via its official X (formerly Twitter) that it is introducing cbDOGE and cbXRP. These assets are wrapped tokens issued with a 1:1 collateral method for each Dogecoin and XRP, and are based on Coinbase's custody service.
When users send DOGE and XRP from their Coinbase accounts to the Base network, they are automatically converted to cbDOGE and cbXRP in the ERC-20 Ethereum-compatible token format. Through this, users can access Ethereum's decentralized finance (DeFi) services.
Coinbase advised, "There may be impersonator assets during the token swap process. Please make sure to check the official smart contract address."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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