Coinbase has launched wrapped versions of XRP and Dogecoin, named cbXRP and cbDOGE, on its Base layer-2 blockchain. This new offering allows holders of these tokens to engage in yield-generating decentralized finance (DeFi) tasks, expanding their investment possibilities.
As of Wednesday, these wrapped tokens went live, with a 1:1 backing by the original currencies, ensuring that for every cbXRP and cbDOGE created, an equivalent amount of XRP or Dogecoin is securely held by Coinbase. Wrapped tokens allow investors to use their holdings in environments where direct access may not be available, thereby enabling participation in Base's DeFi applications.
In the first 24 hours alone, cbXRP saw a market cap exceeding $5 million, while cbDOGE approached $2 million. XRP, primarily a payments-focused cryptocurrency, boasts a market cap of approximately $128.8 billion, ranking it fourth among cryptocurrencies. Dogecoin, known for its meme-centric origins, holds a market value of $28.2 billion, making it the largest meme token.
Coinbase previously launched a wrapped bitcoin version on Base in September last year, which has seen substantial market cap growth as well, highlighting the increasing demand for such wrapped tokens.
As of Wednesday, these wrapped tokens went live, with a 1:1 backing by the original currencies, ensuring that for every cbXRP and cbDOGE created, an equivalent amount of XRP or Dogecoin is securely held by Coinbase. Wrapped tokens allow investors to use their holdings in environments where direct access may not be available, thereby enabling participation in Base's DeFi applications.
In the first 24 hours alone, cbXRP saw a market cap exceeding $5 million, while cbDOGE approached $2 million. XRP, primarily a payments-focused cryptocurrency, boasts a market cap of approximately $128.8 billion, ranking it fourth among cryptocurrencies. Dogecoin, known for its meme-centric origins, holds a market value of $28.2 billion, making it the largest meme token.
Coinbase previously launched a wrapped bitcoin version on Base in September last year, which has seen substantial market cap growth as well, highlighting the increasing demand for such wrapped tokens.
