Good Information for XRP and DOGE? Coinbase Unveils Wrapped Variations on Base Community

The most important American crypto trade, Coinbase, has launched wrapped variations of XRP and Dogecoin on its Ethereum-based layer-2 community, Base.

In line with a collection of tweets from the Coinbase Belongings X account, the crypto trade holds 1:1 reserves for the underlying belongings of cbXRP and cbDOGE in its custody.

cbXRP, cbDOGE Go Stay on Base

The launch of wrapped tokens for XRP and DOGE will allow cross-chain performance for the belongings. Market contributors can now use cbXRP and cbDOGE to work together with functions on the Base community.

To this point, Coinbase has issued 10.4 million cbDOGE price roughly $1.88 million per Dogecoin’s worth on the time of writing. The trade has additionally issued a minimum of 2.3 million cbXRP price greater than $5 million. To stop scammers from deceptive customers, Coinbase has offered the Base contract addresses for cbXRP and cbDOGE.

cbXRP and cbDOGE have joined the rising listing of wrapped belongings throughout the Base community. Coinbase has already issued Wrapped Bitcoin (cbBTC) and Wrapped Ether (cbETH). The corporate plans to launch related variations for Cardano (ADA) and Litecoin (LTC) within the coming weeks.

Coinbase’s Wins and Challenges

Since final yr, the trade has been increasing its marketplace for wrapped tokens, particularly after the profitable launch of cbBTC. The product went reside on Base and Ethereum in mid-September 2024, changing into the third-largest wrapped bitcoin model inside every week. It has maintained that place with a market capitalization of a minimum of $4.7 billion, based on knowledge from CoinGecko, trailing behind Binance’s wrapped BTC (BTCB) and BitGo’s product, WBTC.

This newest milestone comes shortly after Coinbase joined the S&P 500 inventory market index, marking the primary time a crypto firm has achieved this distinction. The agency has additionally not too long ago entered into an settlement to amass Deribit, the most important crypto derivatives platform, for $2.9 billion.

Whereas the crypto trade data new wins, additionally it is tackling sure challenges. Coinbase confronted a large knowledge breach that affected a minimum of 69,000 customers. The incident not solely compromised person knowledge and Coinbase’s help infrastructure but in addition led to a lack of as much as $400 million. Because the agency tries to deal with the state of affairs, it has come beneath intense scrutiny for failing to reveal the cyberattack when it was first observed.