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Major crypto exchange Coinbase has issued a new announcement that might excite the XRP and Dogecoin communities.
In a recent tweet, Coinbase announced that wrapped versions of Dogecoin and XRP — cbDOGE and cbXRP — are now live on the Base platform. Wrapped assets cbDOGE and cbXRP are ERC-20 tokens backed 1:1 by DOGE and XRP held in custody by Coinbase and joint Bitcoin and Ethereum, whose wrapped assets have already been launched.
This follows Coinbase's announcement a few weeks ago that it would be launching wrapped versions of Cardano, Dogecoin, Litecoin and XRP — cbADA, cbLTC, cbXRP and cbDOGE, respectively. The crypto exchange also issued a warning about fraudulent actors, who may want to take advantage of the prelaunch excitement.
Coinbase introduced cbBTC (Coinbase Wrapped BTC) in September, an ERC20 token backed 1:1 by Bitcoin (BTC) held by Coinbase. Wrapped Ethereum (cbETH) is also available on the platform and is structured differently than most Coinbase-wrapped assets.
Wrapped assets, like cbBTC, cbXRP and cbDOGE, are transferable tokens that represent ownership of the underlying asset — in this case, Bitcoin, XRP and Dogecoin.
Warning issued
As wrapped XRP and Dogecoin assets that can be used on-chain have now launched, Coinbase warns that there may be fraudulent actors pretending to be cbDOGE and cbXRP and went on to share the Base contract addresses for these assets.
Bitcoin dropped by about 1% in the early Thursday session, while altcoins were even lower as investors considered broader macroeconomic worries.
XRP and Dogecoin fell, continuing recent sluggishness among top altcoins. XRP fell 2.5% in the last 24 hours to $2.20, while Dogecoin dropped over 3.5% to $0.1896. Crypto markets have slowed in the last two weeks after rising in early May, as macroeconomic uncertainty resurfaced.
BTC
Vladislav Sopov
U.Today Editorial Team