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Major crypto exchange Coinbase has put holders of Cardano (ADA), Litecoin (LTC), XRP and Dogecoin (DOGE) on notice. In a recent tweet, Coinbase indicated that wrapped versions of Cardano, Dogecoin, Litecoin and XRP — cbADA, cbLTC, cbXRP and cbDOGE — are coming soon.
Coinbase revealed that these assets, cbADA, cbLTC, cbXRP and cbDOGE, are not yet live or available for trading. "These assets are not yet live or available. We will announce their launch at a later date," Coinbase stated in its tweet.
The exchange warned that there could be fraudulent actors making false claims that cbADA, cbDOGE, cbLTC and cbXRP are available to trade. With crypto scams increasing, such prelaunch misinformation often aims to exploit user anticipation and lack of verification.
To counter this, Coinbase took a proactive step by sharing the official Base contract addresses for each of the crypto assets, ensuring that users have a verified reference point once they go live.
Last September, Coinbase rolled out cbBTC — Coinbase Wrapped BTC — an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase. In November of the same year, the wrapped Bitcoin product, cbBTC, debuted on Solana to expand its use beyond the Ethereum ecosystem.
Coinbase news
Coinbase shares rose nearly 15% on Tuesday as the cryptocurrency exchange became the first digital asset player included in the benchmark S&P 500 index.
The crypto exchange has been actively extending its institutional investor base, as well as establishing a presence in non-U.S. markets, bolstering its position as the world's largest publicly traded cryptocurrency exchange.
Coinbase announced last week that it will buy Deribit, a derivatives exchange, for $2.9 billion to expand into the crypto options markets.
Vladislav Sopov
Dan Burgin