Coinbase Drops a DeFi Bombshell—Wrapped XRP, ADA, DOGE & LTC Go Live on Base!

Jakarta, Pintu News – Coinbase recently announced plans to launch wrapped versions of several popular cryptos such as Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), and Cardano (ADA) on their Layer-2 Ethereum network, known as Base.

What are the details of this plan? Check out the full story!

Coinbase to Launch cbXRP, cbLTC, cbDOGE, & cbADA

These tokens which will be known as cbXRP, cbLTC, cbDOGE, and cbADA are ERC-20 representations of their native crypto assets. Although the contract address for each token has been disclosed, Coinbase emphasizes that these assets are not yet tradable.

Read also: MetaMask Teases Potential Token Launch — Is the $MASK Airdrop Closer Than We Think?

In anticipation of this launch, Coinbase also issued a warning about scams claiming early availability of these tokens.

The company has published the official Base contract address to provide users with a verified reference point, demonstrating its seriousness in dealing with crypto-related scams.

Expansion and Acquisition Strategy

Coinbase is not only focusing on developing new products but also expanding its reach among institutional investors. On May 8, the company announced it had reached a $2.9 billion deal to acquire Deribit, a crypto options trading platform.

The deal includes a cash component of $700 million and 11 million Coinbase shares, making it one of the largest transactions in the crypto sector to date. This expansion shows Coinbase’s commitment to improving its services in the global market and offering more options to its users.

With this acquisition, Coinbase hopes to further enhance derivatives services and strengthen its position in the market.

Ongoing Security Issues

Despite its continued growth, Coinbase is still often criticized regarding its security practices.

Read also: Pepe Coin Skyrockets 55% Against Bitcoin — Is This the Start of a Major Comeback?

Blockchain security analyst, Tayvano, reported that fraud through account takeover is occurring weekly with losses of over $50 million. These attacks have been going on for over a year with no effective action from Coinbase.

Recently, Coinbase also introduced an encrypted messaging feature which, according to Tayvano, could be a new means for fraudsters to target users. Although Coinbase has issued several security updates, there is still great pressure for them to improve their detection systems and reduce the risk of fraud.

With these new measures, Coinbase is striving hard to not only expand its reach but also to increase user security and trust.

The launch of the wrapped token and expansion through acquisitions demonstrate Coinbase’s long-term strategy of leading the global crypto market.

However, security challenges remain an important issue that needs to be addressed to ensure user trust and safety.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CryptoPolitan. Coinbase Launching Wrapped XRP, DOGE on Base. Accessed on May 16, 2025
• CryptoSlate. Coinbase to Launch Wrapped XRP, ADA, DOGE, and LTC on Base Network. Accessed on May 16, 2025
• The Crypto Basic. Coinbase Unveils Wrapped Versions of XRP on Base Layer 2. Accessed on May 16, 2025