Coinbase, the leading publicly-listed firm for digital assets, and Chainlink, the industry-standard oracle platform, announced Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is the exclusive secure bridging solution for all Coinbase wrapped assets including cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP, which have an aggregate market cap of approximately $7 billion.
CCIP leverages Chainlink’s industry-leading decentralized oracle network, which has enabled over $27 trillion in transaction value across 70+ blockchain networks, to achieve the highest level of cross-chain security.
Earlier this year, Coinbase integrated Chainlink’s Proof of Reserve to increase the transparency of over $4.6 billion worth of BTC reserves backing its wrapped BTC, cbBTC, with verifiable onchain data published on Ethereum and Base.
Wrapped BTC tokens like cbBTC are among key Chainlink-powered use cases scaling Bitcoin-driven DeFi (BTCFi), which brings new utility to the world’s oldest and largest cryptocurrency with an underutilized market capitalization of over a trillion dollars.
Now with CCIP as its exclusive bridging provider, Coinbase can accelerate its wrapped assets’ expansion across blockchain ecosystems.
“We chose Chainlink because they are an industry leader for cross-chain connectivity,” said Josh Leavitt, Senior Director of Product Management at Coinbase, in an official announcement.
“Their infrastructure provides a reliable means to expand Coinbase Wrapped Asset offerings.”
“CCIP was selected by Coinbase for their cross-chain needs due to CCIP’s security and reliability,” added William Reilly, Head of Strategic Initiatives at Chainlink.
“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.”