Coinbase, the largest cryptocurrency exchange in the United States, made an unexpected announcement for Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) in the past months.
Accordingly, the exchange announced that cbADA, cbDOGE, cbLTC and cbXRP, which are bridged versions of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) coins to the Base network, will be released soon.
The exchange has now announced that this announcement has been implemented for ADA and LTC after DOGE and XRP.
Accordingly, Coinbase announced that it has launched two new wrapping tokens called cbADA and cbLTC on the Layer 2 Ethereum network Base.
Both tokens are backed 1:1 by ADA and LTC, which are under the custody of Coinbase. The exchange said the aim of the launch of the new tokens is to enable cross-chain usage of Cardano and Litecoin within Base’s DeFi ecosystem.
These tokens allow users to trade, lend, and provide liquidity on DeFi platforms that Cardano and Litecoin do not natively support.
Coinbase also announced the launch of cbXRP and cbDOGE in early June.
*This is not investment advice.
