Coinbase Brings Cardano and Litecoin to Base, Joining DOGE and XRP
Coinbase launched two new wrapped assets, cbADA and cbLTC, for Cardano and Litecoin on its Ethereum layer-2 network, Base. These tokens are designed to enhance cross-chain functionality and are backed 1:1 by their respective native tokens held in custody by Coinbase. Users can seamlessly swap between native tokens and wrapped versions, facilitating access to Ethereum's decentralized finance (DeFi) ecosystem. Since the launch, approximately $2.5 million in LTC and ADA have been wrapped. Coinbase's largest wrapped asset, cbBTC, holds over 45,000 Bitcoin in reserve. The decision to introduce new wrapped assets considers factors like trading volume and market cap. Coinbase aims to improve economic freedom by increasing asset utility and access to DeFi. The company also secured a MiCA license for European expansion and launched a Bitcoin rewards credit card. Coinbase shares rose nearly 6% on the day, reflecting positive market sentiment.
