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Coinbase's wrapped ADA and LTC tokens go live on Base
Crypto exchange Coinbase has rolled out wrapped versions of Cardano and Litecoin on its Base Ethereum Layer 2 network. 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. The rollout enables users to send their ADA and LTC from Coinbase to their onchain addresses on Base, with the funds automatically converted. Conversely, when users send onchain cbADA and cbLTC to their Coinbase accounts, it is converted back at a 1:1 ratio.