Coinbase has announced plans to launch wrapped versions of well-known cryptocurrencies on its platform. These changes could impact the ecosystem of the Base network.
Launch of Wrapped Tokens
Coinbase has reported its upcoming launch of wrapped versions of cryptocurrencies such as XRP, Dogecoin, Litecoin, and Cardano ADA on the Base network. The launch date will be announced later. In a post on platform X, it was stated: > "cbADA, cbDOGE, cbLTC, cbXRP coming soon. These assets are not yet live or available. We will announce their launch at a later date." This initiative will expand the available wrapped tokens on the platform, in addition to the existing cbBTC.
Base's Success
The Base network, which has quickly gained popularity as a leading layer-two platform, plans to maintain its position by launching wrapped assets. Currently, Base has held the top spot for total value locked (TVL). The increase in stablecoin usage on the platform highlights user activity, with a transaction volume exceeding $3.6 trillion in the first quarter of 2025.
Criticism of Coinbase
Despite recent successes and new functionalities, Coinbase faces criticism from cybersecurity specialists. Security issues lead to criminals stealing millions from user accounts weekly. Blockchain security analyst Tayvano noted that Coinbase has not taken action to protect users from theft.
Coinbase's plans to launch wrapped tokens could strengthen the position of the Base network, while security issues remain a significant challenge for the exchange. The launch of new tokens will follow developments in management.
