Coinbase Wrapped XRP

Built on its reputation as a secure online platform for buying, selling, transferring, and storing cryptocurrency, Coinbase has introduced a new innovation in the form of wrapped assets. Operating as a trusted custodian, Coinbase Wrapped XRP (CBXRP) is a token that represents ownership of underlying XRP assets held in custody by Coinbase. This innovative solution allows users to seamlessly use their assets onchain across a range of DeFi apps, enabling them to borrow, lend, or discover new ways to put their assets to work.

Coinbase Wrapped XRP is backed 1:1 by the underlying XRP assets held in custody by Coinbase, which has a 10+ year record of securely custoding billions in crypto for institutions and customers across the globe. The wrapped asset is transferable, and users can unwrap and redeem a corresponding amount of the underlying XRP simply by depositing the wrapped asset into their Coinbase accounts. This process ensures that users have complete control over their assets while still benefiting from the convenience and security offered by Coinbase.

The CBXRP token has been designed to provide a more expansive ecosystem for users, allowing them to access a growing number of DeFi applications, including Aerodrome, Curve, Oku, Aave, Morpho, Compound, Moonwell, Spark, Chronicle, Veda, Mellow, and many others. By using Coinbase Wrapped XRP, users can take advantage of faster and cheaper access to financial rails on Base, enabling them to participate in a wider range of DeFi activities.

As part of its commitment to compliance and security, Coinbase has implemented a Proof of Reserves (PoR) system for CBXRP, demonstrating that the custodian holds 1:1 reserves of the underlying XRP assets. This ensures transparency and trust by showing that the reserve funds are segregated and held 1-1 in dedicated addresses that can be verified by anyone, including users and independent third parties.

Coinbase Wrapped XRP is available to Coinbase customers whose accounts are in good standing and who are located in the US (excluding New York State), UK, EEA states, Singapore, Australia, and Brazil. Users can purchase CBXRP through Coinbase Wallet or on other third-party exchanges that support it. By leveraging the trusted infrastructure of Coinbase, users can confidently use their wrapped assets to participate in a wide range of DeFi activities, driving financial innovation and increasing economic freedom for more than 1 billion people.