XRP News Today: Coinbase Adds Cardano Litecoin to Ethereum Layer-2 Network

Coinbase, a prominent American cryptocurrency exchange, has expanded its suite of wrapped assets on the Ethereum layer-2 network, Base. The exchange has added Cardano (ADA) and Litecoin (LTC) to its collection, now available as cbADA and cbLTC. These new additions join Dogecoin (DOGE), XRP, and Bitcoin (BTC) in Coinbase’s wrapped assets suite, which is designed to enhance cross-chain functionality. The wrapped versions of DOGE and XRP were recently launched on Base earlier this month.

Wrapped assets on Coinbase are held in a 1:1 reserve with their native tokens, ensuring that users can seamlessly swap between the wrapped and native versions at any time. This feature allows holders of Cardano or Litecoin to leverage Ethereum’s more robust decentralized finance (DeFi) ecosystem, enabling interactions with popular Ethereum-based protocols such as Aave, Compound, and Curve.

Since the introduction of cbADA and cbLTC on Wednesday, approximately $2.5 million in LTC and ADA have been wrapped in total. This includes around $1.6 million in cbADA and $950,000 in cbLTC, according to their respective proof-of-reserves pages. Coinbase’s largest wrapped asset, cbBTC, was first introduced last September to make Bitcoin more accessible within Ethereum’s DeFi ecosystem. It serves as an alternative to Wrapped Bitcoin (WBTC), a widely used Ethereum token among traders.

Coinbase’s expansion of wrapped assets aligns with its broader strategy to build a more efficient, interconnected, and expansive financial ecosystem. The firm’s recent updates include securing a MiCA license to enhance and expand its services in Europe, launching a Bitcoin rewards credit card, and partnering with Shopify to improve stablecoin payments in retail. These developments reflect Coinbase’s commitment to innovation and regulatory compliance, positioning it for continued growth and success in the cryptocurrency market.