In brief
- Coinbase added Cardano (ADA) and Litecoin (LTC) to its wrapped assets suite on Ethereum network Base.
- Wrapped assets are held in 1:1 reserve with the native token and are designed to increase cross-chain functionality.
- Shares of COIN are up nearly 6% on the day, currently in position for an all-time high closing price.
American cryptocurrency exchange Coinbase unveiled two new wrapped assets on Wednesday, making Cardano and Litecoin tradable on Base, the firm’s Ethereum layer-2 network.
Cardano (ADA) and Litecoin (LTC), now available as cbADA and cbLTC, join Dogecoin (DOGE), the Ripple-linked XRP, and Bitcoin (BTC) in Coinbase’s wrapped assets suite, a collection of tokens designed to increase cross-chain functionality. The wrapped versions of DOGE and XRP were just launched on Base earlier this month.
Held in a 1:1 reserve with the native tokens, Coinbase wrapped assets are always redeemable for their respective…
