In brief
- Coinbase has released two new “wrapped” tokens for its Ethereum layer-2 network, Base.
- The assets will allow users to use their XRP and Dogecoin holdings as collateral.
- The prominent American crypto exchange did this to help boost DeFi compatibility on Base.
America’s biggest crypto exchange Coinbase introduced two new “wrapped” tokens this week, allowing traders to use XRP and Dogecoin on DeFi protocols.
By introducing cbDOGE and cbXRP, Coinbase is hoping to address surging demand for cross-chain functionality in the complex DeFi world, the company and industry observers told Decrypt.
The exchange is making the new offerings available on its own Ethereum layer-2 Base network.
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Author: Mathew Di Salvo
