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Chainlink CCIP to provide exclusive bridge infrastructure, expanding Coinbase Wrapped Assets to new blockchains
Coinbase, the leading publicly-listed firm for digital assets, and Chainlink, the industry-standard oracle platform, today announced the selection of Chainlink's Cross-Chain Interoperability Protocol (CCIP) as the exclusive bridging solution for all Coinbase Wrapped Assets, enabling cross-chain transfers and expansion.
Coinbase Wrapped Assets, which include cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP, currently have an aggregate market cap of approximately $7B.
Chainlink operates battle-tested infrastructure and has a track record of securing tens of billions of dollars. Chainlink CCIP leverages the same decentralized oracle networks that secure over 70% of DeFi globally and has enabled more than $27 trillion in transaction volume.
Chainlink CCIP provides an established foundation for bridging Coinbase Wrapped Assets across ecosystems. With Chainlink CCIP as exclusive bridging provider, Coinbase Wrapped Assets are positioned to significantly expand across ecosystems.
"We chose Chainlink because they are an industry leader for cross-chain connectivity. Their infrastructure provides a reliable means to expand Coinbase Wrapped Asset offerings."— Josh Leavitt, Senior Director, Product Management at Coinbase.
"CCIP was selected by Coinbase for their cross-chain needs due to CCIP's security and reliability. As the leading publicly-listed firm for digital assets, Coinbase takes security and reliability for their products seriously. I am excited about accelerating the growth of Coinbase's wrapped assets and look forward to helping bring global finance onchain."— William Reilly, Head of Strategic Initiatives at Chainlink.
This news follows Base's announcement last week that the Base-Solana Bridge is now live and secured by Chainlink CCIP alongside Coinbase.
About Chainlink
Chainlink is the industry-standard oracle platform bringing the capital markets onchain and powering the majority of decentralized finance (DeFi). The Chainlink stack provides the essential data, interoperability, compliance, and privacy standards needed to power advanced blockchain use cases for institutional tokenized assets, lending, payments, stablecoins, and more. Since inventing decentralized oracle networks, Chainlink has enabled tens of trillions in transaction value and now secures the vast majority of DeFi.
Many of the world's largest financial services institutions have also adopted Chainlink's standards and infrastructure, including Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, Lido, and many others. Chainlink leverages a novel fee model where offchain and onchain revenue from enterprise adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve. Learn more at chain.link.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. Coinbase is updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. Coinbase also provides critical infrastructure for onchain activity and supports builders who share their vision that onchain is the new online. And together with the crypto community, Coinbase advocates for responsible rules to make the benefits of crypto available around the world.
Disclaimer: Information is provided for informational purposes only and should not be construed as investment, financial or trading advice. This is not an endorsement or recommendation to buy or sell a particular digital asset or to employ a particular strategy.
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SOURCE Chainlink; Coinbase
