The largest American crypto exchange, Coinbase, has officially launched wrapped versions of XRP and Dogecoin on its Ethereum-based layer-2 network, Base.
According to a series of tweets from the Coinbase Assets X account, the exchange maintains 1:1 reserves for the underlying assets of cbXRP and cbDOGE in its custody.
cbXRP, cbDOGE Go Live on Base
The introduction of wrapped tokens for XRP and DOGE aims to enhance cross-chain functionality for these assets. Market participants can now utilize cbXRP and cbDOGE to interact with various applications within the Base network.
As of now, Coinbase has issued 10.4 million cbDOGE, valued at approximately $1.88 million per Dogecoin price at the time of writing. Furthermore, the exchange has also issued at least 2.3 million cbXRP, with a worth exceeding $5 million. To mitigate the risk of scams, Coinbase has provided the Base contract addresses for cbXRP and cbDOGE.
cbXRP and cbDOGE join the increasing list of wrapped assets available on the Base network. Previously, Coinbase issued Wrapped Bitcoin (cbBTC) and Wrapped Ether (cbETH), with plans to launch similar wrapped versions for Cardano (ADA) and Litecoin (LTC) in the coming weeks.
Coinbase’s Wins and Challenges
Since last year, Coinbase has been actively expanding its market for wrapped tokens, particularly following the successful launch of cbBTC. This product went live on Base and Ethereum in mid-September 2024 and quickly established itself as the third-largest wrapped bitcoin version, achieving a market capitalization of at least $4.7 billion, according to CoinGecko data, and trailing behind Binance’s BTCB and BitGo’s WBTC.
This recent milestone arrives shortly after Coinbase joined the S&P 500 stock market index, marking a historic moment as the first crypto company to reach this status. Additionally, the firm has recently agreed to acquire Deribit, the largest crypto derivatives platform, for $2.9 billion.
While the exchange celebrates several achievements, it also faces notable challenges. Coinbase experienced a significant data breach that impacted at least 69,000 users, compromising user data and the exchange’s support infrastructure, resulting in a loss of up to $400 million. As the firm navigates this crisis, it faces increased scrutiny for not disclosing the cyberattack promptly.
This blog post is part of the conversation surrounding the rapidly evolving landscape of cryptocurrencies and the promising developments offered by major players like Coinbase.
