Coinbase to Launch Wrapped Tokens on Base Network
Coinbase will soon release wrapped tokens like cbADA, cbDOGE, cbLTC, and cbXRP on Base to expand crypto utility.
- Coinbase plans to launch cbADA, cbDOGE, cbLTC, and cbXRP.
- These wrapped tokens will run on the Base Layer 2 network.
- Official release date has not yet been announced.
Wrapped Tokens Are Coming to Base
Coinbase has announced that it will soon launch wrapped versions of major cryptocurrencies — Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and XRP — on its Layer 2 network, Base. These wrapped tokens will be known as cbADA, cbDOGE, cbLTC, and cbXRP.
Although Coinbase has not revealed an exact launch date, the crypto exchange confirmed that these assets are “coming soon,” generating buzz across the ecosystem. This move marks a strategic expansion of Coinbase’s token offerings and deepens Base’s functionality.
What Are Wrapped Tokens and Why Do They Matter?
Wrapped tokens are blockchain assets pegged to the value of another cryptocurrency. They allow users to move assets from one blockchain to another without losing value or functionality. In this case, wrapping ADA, DOGE, LTC, and XRP allows these tokens to be used on Ethereum-compatible applications running on Base.
This opens up new possibilities for holders of these coins to participate in decentralized finance (DeFi), staking, and other blockchain-based services without leaving the Coinbase and Base ecosystem.
A Win for Base and Cross-Chain Utility
Coinbase’s Base network, built on Optimism’s OP Stack, is designed to offer faster and cheaper transactions while maintaining the security of Ethereum. With the addition of wrapped tokens, Base is set to become more versatile and user-friendly.
This also reflects a broader trend of increasing interoperability between chains. By supporting wrapped versions of traditionally non-EVM (Ethereum Virtual Machine) coins like ADA and XRP, Coinbase is making it easier for users to interact across ecosystems.
The planned launch is part of Coinbase’s long-term strategy to boost on-chain activity and bring more users into the Web3 world, without compromising on security or user experience.
Read Also:
- Leading Crypto Presale: Nexchain’s Stage 11 Hits $1.5M with $NEX at $0.042
- Crypto Gem Takes Flight: Unstaked Raises Over $6M and Joins the Big Leagues with Ethereum, Polkadot, and Cardano!
- Ethereum Adds $110B in One Week, Matches Solana’s Entire Market Cap
- Massive Price Moves: Arctic Pablo’s Frozen Frontier Delivers 4,748% ROI As SHIB Climbs and MEME Gears Up for the Next Bull Run
- Ukraine Eyes Bitcoin Reserve With Binance Partnership
