Coinbase, the largest cryptocurrency exchange in the United States, shared an interesting announcement about four major altcoins in its latest statement.
The exchange announced the upcoming launch of cbADA, cbDOGE, cbLTC, and cbXRP, which are bridged versions of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) coins to the Base network. The Base network is known as an Ethereum Layer-2 network powered by Coinbase.
A similar Bitcoin equivalent was recently launched by Coinbase in the form of cbBTC. This token worked on the logic that Bitcoins were locked with a smart contract and minted in equal amounts on the Base network, thus representing Bitcoin on the Base network.
It is thought that the newly created cbADA, cbDOGE, cbLTC and cbXRP will be similarly locked with smart contracts and re-minted on the Base network, thus acting as the equivalent of the coins in question on this network. In addition, these tokens can be unlocked via smart contracts at any time and released back into their original networks.
Coinbase officials warned that the tokens have not yet been released and asked followers to stay tuned for a launch date, but also warned about fake cryptocurrencies claiming to be the tokens.
*This is not investment advice.
