Coinbase has announced the launch of wrapped versions of XRP and Dogecoin on its rapidly growing Base Layer 2 network.

The move will allow holders of the two assets to access a wide range of decentralized finance (DeFi) opportunities.

Coinbase’s institutional-grade custody fully backs cbXRP and cbDOGE. Users can easily deposit XRP or DOGE into Coinbase and receive their wrapped equivalents on Base. Both assets will function as ERC-20 tokens, compatible with Ethereum’s vast DeFi ecosystem.

The move is particularly significant for XRP and Dogecoin, whose native chains have limited DeFi infrastructure. But with Coinbase’s introduction of cbXRP and cbDOGE, the two assets will be able to be used in lending, yield farming, decentralized exchanges (DEXs), and more.

“We are excited to be bringing the potential of Base to even more users with the launch of cbXRP and cbDOGE,” said Eli Snow, Head of Ecosystem at Coinbase. “We are always looking for ways to improve the user experience and make DeFi more accessible and affordable.”

Coinbase launched Base in August 2023, and the Layer 2 chain has quickly become a leading destination for DeFi users due to its lower transaction fees and faster processing speeds compared to Ethereum’s mainnet.

The move will also enhance cross-chain functionality, allowing assets like XRP and Dogecoin to interact seamlessly with other tokens and protocols within the Base ecosystem. This interoperability is a key step toward a more integrated on-chain economy.

Coinbase has also emphasized that both cbXRP and cbDOGE are fully collateralized and users can easily verify the smart contract addresses to avoid scams. The company has published the official contract addresses for both tokens and warned users to be extra cautious.

Coinbase’s wrapped Bitcoin, cbBTC, was successfully launched with a market valuation of over $4.7 billion across Ethereum and Base.

Moreover, Coinbase has already announced plans to introduce more wrapped tokens, such as cbLTC (Litecoin) and cbADA (Cardano), further expanding the assets that DeFi on Base may access.