Coinbase, the largest US cryptocurrency exchange, shared an interesting announcement on four major Altcoins in its latest statement.
The exchange has announced upcoming releases of CBADA, CBDOGE, CBLTC and CBXRP. These are coins to Base Network, a bridged version of the coins of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP). The base network is known as the Ethereum Layer-2 network powered by Coinbase.
A similar Bitcoin equivalent was recently launched by Coinbase in the form of CBBTC. This token addresses the logic that Bitcoin is locked in a smart contract and minted in the same amount on the base network, representing Bitcoin on the base network.
The newly created CBADA, CBDOGE, CBLTC, and CBXRP are similarly thought to be locked in smart contracts and rebuilt in the base network and serve as the equivalent of this network problem coin. Additionally, these tokens are unlocked through smart contracts at any time and released to the original network.
Coinbase officials warned that the token has not been released yet, and asked their followers to look forward to the launch date, but also warned of fake cryptocurrencies that they claim to be tokens.
*This is not investment advice.
