Coinbase Launches cbXRP, cbLTC, cbDOGE, & cbADA

These tokens which will be known as cbXRP, cbLTC, cbDOGE, and cbADA are ERC-20 representations of their native crypto assets.

Coinbase is preparing to launch wrapped versions of several popular cryptos, including Ripple Base, on the Base chain.

These tokens, which will be known as cbXRP, cbLTC, cbDOGE, and cbADA are ERC-20 representations of their native crypto assets.

While the contract address for each token has been disclosed, Coinbase clarifies that these assets are not yet tradable.

In anticipation of this launch, Coinbase also issued a warning about scams claiming early availability of these tokens.

The company has published the official Base contract address to provide users with a verified reference point, highlighting its commitment to tackling crypto scams.

Expansion and Acquisition Strategy

Coinbase is not only focused on developing new products but also expanding its reach among institutional investors. On May 8, the company announced it had reached a $2.9 billion deal to acquire Deribit, a crypto options trading platform.

The deal includes a cash component of $700 million and 11 million Coinbase shares, making it one of the largest transactions in the crypto sector to date. This expansion showcases Coinbase’s dedication to improving its services in the global market and offering more options to its users.

With this acquisition, Coinbase aims to further enhance derivatives services and strengthen its position in the market.

Ongoing Security Issues

Despite its continued growth, Coinbase is still often criticized regarding its security practices.

Blockchain security analyst, Tayvano, reported that fraud through account takeover is occurring weekly with losses of over $50 million. These attacks have been ongoing for over a year with no effective action from Coinbase.

Kids steal >$50m every weekend via Coinbase CEX account takeovers.Coinbase has failed to understand, detect, or stop these for over a year.Coinbase instead decided to build a feature that gives scammers a direct, encrypted line to all their wallet users.Incredible. https://t.co/7tXrrD4NzA

Recently, Coinbase also introduced an encrypted messaging feature which, according to Tayvano, could be a new means for fraudsters to target users. Although Coinbase has issued several security updates, there is still great pressure for them to improve their detection systems and reduce the risk of fraud.

With these new measures, Coinbase is diligently trying to both expand its reach and increase user security and trust.

The launch of the wrapped token and expansion through acquisitions demonstrate Coinbase’s long-term strategy of leading the global crypto market.

However, security challenges remain a crucial issue that needs to be addressed to ensure user trust and safety.