XRP News Today: Coinbase Reduces Account Freezes by 82% and Expands DeFi Access for XRP and DOGE

Coinbase has announced significant improvements to its user experience and product offerings. The crypto exchange has launched wrapped versions of XRP and Dogecoin on its Layer-2 Base network, providing holders with access to decentralized finance (DeFi) opportunities. This move allows users to earn returns from decentralized applications (dApps) without leaving the Coinbase ecosystem, enhancing accessibility, interoperability, and scalability.

Wrapped tokens, such as cbXRP and cbDOGE, are tokenized representations of cryptocurrencies that exist on networks where they are not natively supported. These ERC-20 compliant tokens on Base are backed 1:1 by their underlying assets, ensuring full collateralization and redeemability. This development enables holders of XRP and DOGE to participate in yield farming, liquidity provision, lending, and other DeFi protocols natively available on Base, while retaining exposure to their original assets.

Coinbase has also made strides in addressing a long-standing user concern: unnecessary account freezes. CEO Brian Armstrong reported an 82% reduction in such incidents, attributing the improvement to enhanced machine learning infrastructure and internal reforms. This reduction is a significant step toward restoring user trust, as account freezes have been a major pain point for Coinbase users, leading to widespread dissatisfaction and some customers abandoning the platform.

The improvements in account freeze issues are credited to new machine learning models and infrastructure upgrades led by Dor Levi, a product team member who joined the company just nine weeks ago. These advancements have resulted in fewer account restrictions and false positives, although Coinbase will continue to impose restrictions when legally required. The company is also under scrutiny following a recent data breach that compromised the personal details of over 70,000 accounts, further emphasizing the need for improved security measures.

With over 100 million registered users, Coinbase remains one of the largest crypto exchanges in the world. Its move to fix account freezes and expand DeFi access for XRP and DOGE could go a long way toward restoring user trust and positioning the platform as a leader in the DeFi space. However, consistent action and further improvements in security practices will be crucial in maintaining this momentum and addressing the remaining issues.