Coinbase's wrapped ADA and LTC tokens go live on Base

Coinbase's wrapped ADA and LTC tokens go live on Base

Coinbase has announced the launch of two new wrapped tokens, cbADA and cbLTC, on the Layer 2 Ethereum network Base. These tokens, which are backed 1:1 by Cardano (ADA) and Litecoin (LTC), respectively, are designed to facilitate cross-chain usage within Base's DeFi ecosystem [1].

The tokens, cbADA and cbLTC, allow users to trade, lend, and provide liquidity on DeFi platforms that Cardano and Litecoin do not natively support. This move comes after Coinbase's previous announcements regarding the wrapping of Dogecoin (DOGE) and Ripple (XRP) coins to the Base network [1].

Coinbase's decision to launch these tokens is part of its ongoing strategy to expand the utility of cryptocurrencies within its ecosystem. The exchange has previously announced plans to launch cbDOGE and cbXRP in early June, but these have not yet been released [1].

The introduction of cbADA and cbLTC on Base is a significant development for the cryptocurrency community, as it opens up new opportunities for users to interact with these assets in a broader range of DeFi applications. However, it is important to note that these tokens are still in their early stages and may be subject to market volatility and regulatory scrutiny.

References:
[1] https://en.bitcoinsistemi.com/long-awaited-cardano-ada-and-litecoin-ltc-announcement-from-coinbase/