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Coinbase Selects Chainlink CCIP for $7B Wrapped Assets Interoperability

Coinbase Selects Chainlink CCIP for $7B Wrapped Assets Interoperability

Coinbase will integrate Chainlink’s CCIP to enhance cross-chain functionality for its $7 billion wrapped token portfolio, starting with cbBTC and expanding to broader asset support.

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Summary

On December 11, Coinbase announced it will implement Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for its wrapped tokens, beginning with cbBTC. The exchange manages wrapped assets valued at approximately $7 billion. CCIP will enable secure cross-chain transfers and integration with Chainlink’s oracle networks for interoperability among blockchain ecosystems, including Base and Solana.

Terms & Concepts
  • Chainlink CCIP: A cross-chain interoperability protocol that facilitates secure value and data transfers between different blockchains via decentralized nodes.
  • Wrapped Assets: Tokenized representations of cryptocurrencies from one blockchain issued on another, typically backed 1:1 by the original asset.
  • Cross-chain bridge: A platform or protocol enabling transfer of assets or data between two distinct blockchain networks.