The ERC-20 tokens, cbADA and cbLTC, are each backed 1:1 by ADA and LTC held in custody by Coinbase, the crypto exchange said in a Wednesday announcement, providing proof of reserves for both assets.
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Coinbase's wrapped ADA and LTC tokens go live on Base
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Wrapped tokens cbADA and cbLTC, launched by Coinbase, are fully backed at a 1:1 ratio by ADA and LTC held in custody by Coinbase, ensuring asset parity and trust.
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Coinbase announced the launch of wrapped Cardano (cbADA) and Litecoin (cbLTC) on its Ethereum Layer 2 network, Base.
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