Coinbase Unveils Latest Updates on XRP and Dogecoin Cryptocurrencies: Discover What's New
Emily HarrisXRP, Dogecoin announcement made by Coinbase[...]
Coinbase Introduces Wrapped Versions of XRP and Dogecoin
Leading cryptocurrency exchange Coinbase has launched wrapped versions of XRP and Dogecoin on its Base platform. The new tokens, called cbXRP and cbDOGE, are ERC-20 tokens backed 1:1 by their respective cryptocurrencies held in Coinbase custody.
This move follows Coinbase's recent introduction of wrapped versions of Cardano, Litecoin, and other major altcoins. The exchange has warned investors to be cautious of potential scams as fraudsters may try to exploit the pre-launch hype.
How Wrapped Assets Work
Wrapped tokens like cbBTC, cbXRP, and cbDOGE represent ownership of the underlying cryptocurrency while enabling on-chain transactions. These ERC-20 tokens provide users with more flexibility to participate in Ethereum-based DeFi activities and other blockchain applications.
Market Reaction
Despite the excitement around these new offerings, the broader crypto market has seen slight declines. Bitcoin dropped approximately 1%, while altcoins including XRP and Dogecoin experienced steeper losses amid ongoing macroeconomic uncertainty.
Coinbase has published the official contract addresses for cbXRP and cbDOGE to help users verify legitimate tokens and avoid potential scams.
