Coinbase announces a plan to launch wrapped tokens of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) on Base network

Coinbase has announced plans to launch wrapped versions of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) on its Ethereum Layer-2 network, Base.

Coinbase Assets 🛡️ on X: "cbADA, cbDOGE, cbLTC, cbXRP coming soon. These assets are not yet live or available. We will announce their launch at a later date."

These wrapped tokens including cbADA, cbDOGE, cbLTC, and cbXRP will be backed 1:1 by their respective native assets, secured through smart contracts, and designed to function within the Ethereum ecosystem.

This initiative follows the earlier introduction of cbBTC, Coinbase's wrapped version of Bitcoin on Base. The new tokens aim to enhance the utility of ADA, DOGE, LTC, and XRP by enabling their use in decentralized finance (DeFi) protocols and decentralized applications (dApps) operating on Base.

Users can unwrap these tokens and return them to their original chains through smart contract mechanisms.

Currently, cbADA, cbDOGE, cbLTC, and cbXRP are not yet live. Coinbase has cautioned users to be wary of scams or counterfeit versions circulating before the official launch. An exact release date is expected to be announced soon.