Coinbase, the largest cryptocurrency exchange in the US, announced the launch of new cbADA and cbLTC tokens, representing bridged versions of Cardano and Litecoin.
Launch of New Tokens
Coinbase has announced the launch of two new tokens, cbADA and cbLTC, which are now available on the Layer 2 Ethereum network known as Base. These tokens are backed 1:1 by the original ADA and LTC, held in custody by Coinbase.
Objectives and Functions of Tokens
The launch of the new tokens aims to enable cross-chain usage of Cardano and Litecoin within Base's DeFi ecosystem. These tokens allow users to trade, lend, and provide liquidity on DeFi platforms that do not natively support the original coins.
Preceding Announcements
In early June, Coinbase also announced the launch of cbXRP and cbDOGE tokens. The cbADA and cbLTC tokens are the next in line of new offerings from the exchange.
Thus, Coinbase continues to enhance the functionality of its platform by adding new opportunities for Cardano and Litecoin users through wrapped tokens on the Base network.
