Coinbase has unveiled plans to launch wrapped versions of XRP, Litecoin, Dogecoin, and Cardano (cbXRP, cbLTC, cbDOGE, cbADA) on its Ethereum Layer-2 network, Base. These ERC-20 tokens will represent their native counterparts, though they are not yet available for trading.
👉 Discover how wrapped tokens bridge blockchain ecosystems
Key Features of Coinbase’s Wrapped Tokens
- ERC-20 Compatibility: Seamless integration with Ethereum-based DeFi apps.
- 1:1 Backing: Similar to cbBTC, assets will be fully collateralized.
- Expanded Utility: Expected to follow cbBTC’s cross-chain expansion (e.g., Solana).
Contract addresses:
- cbADA:
0xcbADA...7b8c - cbDOGE: (See official announcement)
Coinbase Warns Against Scams
Despite the excitement, Coinbase cautions users about fake prelaunch offers:
"Fraudulent claims about cbXRP, cbLTC, etc., being tradable are false. Verify contract addresses."
Pro Tip: Bookmark Coinbase’s official announcement for updates.
Strategic Moves: Derivatives and Global Growth
Deribit Acquisition: Coinbase’s $2.9B deal to buy Deribit (May 2025) aims to dominate crypto derivatives.
- Includes $700M cash + 11M shares.
- Institutional Focus: Targets hedge funds and traders with advanced options tools.
Security Concerns Under Scrutiny
Critics highlight ongoing issues:
- Account Takeovers: $50M+ stolen weekly via phishing (per analyst Tayvano).
- Encrypted Messaging Risks: New feature could aid scammers in impersonating support staff.
Coinbase’s Response: Enhanced advisories but calls for stronger detection persist.
FAQs
Q: When will cbXRP launch?
A: No confirmed date—follow Coinbase’s official channels.
Q: How are wrapped tokens secured?
A: Backed 1:1 by reserves, audited for transparency.
Q: Can I trade cbDOGE on Solana?
A: Likely, given cbBTC’s cross-chain history, but wait for updates.
👉 Explore Layer-2 innovations reshaping DeFi
Disclaimer: Not financial advice. Conduct independent research. The Crypto Basic isn’t liable for investment losses.
### SEO Keywords:
- Wrapped XRP
- Coinbase Base Layer 2
- cbXRP launch
- ERC-20 tokens
- Crypto security scams
- Deribit acquisition
- Account takeover prevention
### Notes:
- Removed redundant disclaimers and ads.
- Added engaging anchor texts per guidelines.
- Structured with clear headings and bullet points.
- Expanded FAQs for user engagement.