Wrapped XRP Now Live on Coinbase’s L2 Base Network

Coinbase has introduced wrapped versions of XRP and Dogecoin (DOGE) on its layer-2 network, Base. With the introduction of cbXRP and cbDOGE, Coinbase is unlocking more use cases for the much-popular cryptocurrencies. These wrapped assets facilitate cross-chain interactions, allowing XRP and DOGE to tap into the Base network’s DeFi ecosystem.

Coinbase Unlocks New Utilities for XRP and DOGE Via Wrapped Versions

In an official X post, Coinbase announced the launch of cbXRP and cbDOGE as part of the expansion of its Base network. Each cbXRP and cbDOGE token is fully backed by an equivalent amount of XRP and DOGE stored in Coinbase’s secure custody.

Notably, these wrapped assets are expected to bridge the gap between XRP, DOGE, and Base. The move will enable their seamless integration into DeFi applications. A base spokesperson stated, “The launch of these assets expands Coinbase’s wrapped asset offerings, and with Base’s open and permissionless platform, it makes it easier for anyone to participate in the onchain economy.”

Warning clients about the potential scams, Coinbase noted, “There may be fraudulent actors pretending to be cbDOGE and cbXRP.” The platform also exposed the assets’ Base contract addresses to avoid further confusion.

• cbDOGE: 0xcbD06E5A2B0C65597161de254AA074E489dEb510
• cbXRP: 0xcb585250f852C6c6bf90434AB21A00f02833a4af

Last week, Coinbase expanded its futures trading offerings with the launch of 24/7 contracts for SOL, XRP, and ADA.

Coinbase Expands Wrapped Asset Offerings

Following a preview of the tokens last week, Coinbase introduced cbXRP and cbDOGE as part of its wider vision of launching more wrapped tokens. The platform is now working on cbLTC and cbADA, wrapped versions of Litecoin and Cardano. These are set to launch in the future, following the success of its $4.7 billion cbBTC product.

The launch of the wrapped versions of XRP and DOGE has sparked widespread optimism. Over 2.3 million cbXRP tokens valued at $5 million and 10.4 million cbDOGE tokens worth $1.9 million are already in circulation. This highlights the strong demand for DeFi integration of popular assets.

Despite this significant development, XRP and DOGE prices trade in red, marking notable declines. While XRP is valued at $2.20, down 2.55%, DOGE is at $0.1883, down 3.55%.

By broadening its wrapped asset portfolio, Coinbase is empowering users to maximize the potential of their existing assets while making Base a more versatile and attractive platform. Meanwhile, it is worth noting that the launch of these wrapped tokens follows a recent data breach at Coinbase, which raised concerns about the exchange’s prior knowledge and delayed disclosure.