Coinbase taps Chainlink CCIP to expand wrapped assets like cbBTC and cbXRP to new chains

Coinbase has chosen Chainlink's Cross-Chain Interoperability Protocol (CCIP) to serve as the exclusive bridging solution for all its wrapped assets, including cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP, which collectively hold about $7 billion in value. This integration aims to simplify the deployment of these assets onto new blockchains by leveraging Chainlink's secure oracle networks. Josh Leavitt of Coinbase stated that Chainlink was chosen for its industry leadership in cross-chain connectivity. CCIP, which launched in beta in 2023, is already used across various ecosystems and recently facilitated a pilot with Swift. Coinbase's Layer 2, Base, has also utilized CCIP for its bridge to Solana. Coinbase wrapped assets are tokenized versions of cryptocurrencies held 1:1 in Coinbase custody, and CCIP's mechanism, which uses audited token pools, theoretically allows for seamless, secure interactions between different blockchain networks.

(Source：The Block)