Coinbase to Launch Wrapped Versions of XRP, Dogecoin, Litecoin, and Cardano on Base

Coinbase is launching wrapped versions of XRP, Dogecoin, Litecoin, and Cardano on the Ethereum layer-2 network Base.

The tokens will be named cbXRP, cbDOGE, cbLTC, and cbADA respectively, and they will be placed on Base alongside Bitcoin (BTC), which already exists on Base and has a $4.47 billion market cap.

Coinbase made the announcement to help prevent scams, after reports of someone creating scam tokens ahead of the coins' release.

“We will be launching the following assets on Base: cbXRP, cbDOGE, cbLTC, and cbADA,” Coinbase announced on Friday.

“These assets are not yet live or available for trade. We will announce the launch of these assets at a later date.”

Coinbase to launch cbXRP on BaseCoins is a rapidly growing cryptocurrency exchange that is expanding its presence in the layer-2 space.

Earlier this year, Coinbase announced that it would be launching a new layer-2 network called Base. Base is being built by Coinbase and is designed to be a low-cost and high-throughput chain that can handle a large volume of transactions.

Base is being launched with the aim of making it easier for users to access and use Web3 services. It is also designed to be compatible with existing Ethereum tooling and development frameworks.

Coinbase is starting to add support for more cryptoassets on Base. Earlier this year, the exchange announced the launch of its wrapped Bitcoin (cbBTC) token on the layer-2 chain.

Coinbase is now adding support for four more popular cryptoassets on Base. The exchange is launching wrapped versions of XRP, Dogecoin, Litecoin, and Cardano on the layer-2 network.

These tokens will be named cbXRP, cbDOGE, cblTC, and cbADA respectively, and they will be placed on Base alongside Bitcoin (BTC), which already exists on Base and has a $4.47 billion market cap.

Coinbase disclosed this move to counter scams.

“We are writing to inform you that there are scammers adding fraudulent tokens to Base in anticipation of the launch of Coinbase's standard Base tokens. These tokens are not legitimate. They will be sold to unsuspecting victims in an attempt to steal their funds.”

Coinbase added that it will be announcing the launch date of these assets at a later date. In the meantime, it is advising users to be aware of scams and to only buy tokens from a source that they trust.

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