Good News for XRP and DOGE? Coinbase Unveils Wrapped Versions on Base Network

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

According to a sequence of tweets from the Coinbase Assets X account, the crypto alternate holds 1:1 reserves for the underlying belongings of cbXRP and cbDOGE in its custody.

cbXRP, cbDOGE Go Live 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.

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

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

Coinbase’s Wins and Challenges

Since final 12 months, the alternate has been increasing its market for wrapped tokens, particularly after the profitable launch of cbBTC. The product went dwell on Base and Ethereum in mid-September 2024, turning into the third-largest wrapped bitcoin model inside per week. It has maintained that place with a market capitalization of a minimum of $4.7 billion, in keeping with 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 lately entered into an settlement to amass Deribit, the biggest crypto derivatives platform, for $2.9 billion.

While the crypto alternate data new wins, it’s also 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 assist infrastructure but in addition led to a lack of as much as $400 million. As the agency tries to deal with the scenario, it has come beneath intense scrutiny for failing to reveal the cyberattack when it was first seen.