Coinbase Has Officially Confirmed Plans to Introduce Wrapped Versions of XRP, Litecoin, Dogecoin, and Cardano

input: Coinbase has officially confirmed plans to introduce wrapped versions of XRP, Litecoin, Dogecoin, and Cardano on its Ethereum Layer-2 network, Base.

Coinbase has confirmed plans to introduce wrapped versions of XRP, Litecoin, Dogecoin, and Cardano on its Ethereum Layer-2 network, Base.

The upcoming tokens — cbXRP, cbLTC, cbDOGE, and cbADA — will be ERC-20 representations of their native counterparts. While the exchange shared the contract addresses for each token, it confirmed that these assets are not yet live or available for trading.

Coinbase also cautioned against prelaunch scams. It stated that cbADA, cbDOGE, cbLTC, and cbXRP are currently not tradable and advised users to remain vigilant. To counter misinformation, Coinbase shared the official Base contract addresses, providing users with a verified reference point for when the assets launch.

There could be fraudulent actors making false claims that cbADA, cbDOGE, cbLTC, and cbXRP are available to trade. The only official Base contract addresses for these assets will be:

cbADA: 0xcbADA732173e39521CDBE8bf59a6Dc85A9fc7b8c

cbDOGE:…https://t.co/7tXrrD4NzA

— Coinbase Assets 🛡️ (@CoinbaseAssets) May 13, 2025

Coinbase’s prior experience with cbBTC provides context. The exchange launched cbBTC, a 1:1 backed wrapped version of Bitcoin, in September 2024.

In November, cbBTC expanded beyond Ethereum, debuting on Solana to boost cross-chain adoption.

With similar mechanics expected for the new assets, Coinbase appears to be following a consistent strategy.

Boosting Derivatives and Global Reach

Notably, the crypto exchange has been expanding its presence among institutional investors. On May 8, Coinbase disclosed that it had reached a $2.9 billion deal to acquire Deribit, a crypto options trading platform.

The transaction includes a $700 million cash component, alongside 11 million shares of Coinbase stock. This acquisition marks one of the largest recorded deals within the crypto sector to date.

Security Flaws Continue to Attract Criticism

While expanding its product offerings, Coinbase continues to face criticism over its security practices. Blockchain security analyst Tayvano reported that scammers steal over $50 million weekly through account takeovers on the platform.

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

— Tay 💖 (@tayvano_) May 14, 2025

She said these attacks have persisted for over a year without an effective response from the company. In addition, Coinbase recently introduced an encrypted messaging feature, which Tayvano claimed could provide scammers with a new way to target users directly.

Scammers often impersonate Coinbase employees, exploiting trust to access user accounts. The persistence of such tactics has pressured the exchange to implement stronger detection systems. Although Coinbase has issued advisories and security updates, concerns from cybersecurity professionals persist.