Coinbase has chosen Chainlink’s Cross‑Chain Interoperability Protocol (CCIP) as the sole bridge for all of its wrapped‑token offerings, a move that will allow users to move assets such as cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP across multiple blockchains with a single, secure connection.
The partnership brings together two industry leaders: Coinbase’s wrapped‑token portfolio, which has a combined market capitalization of roughly $7 billion, and Chainlink’s CCIP, which has already processed more than $27 trillion in transaction volume and secures over 70 % of the global DeFi ecosystem. By leveraging Chainlink’s proven oracle network, Coinbase can extend the reach of its wrapped assets to new chains, including the recent Base‑Solana bridge that also uses CCIP.
Strategically, the deal supports Coinbase’s broader goal of diversifying revenue beyond spot trading. Expanding the wrapped‑token ecosystem is expected to attract institutional flows and increase liquidity, thereby creating a new source of fee income and positioning Coinbase ahead of competitors that rely solely on traditional trading fees.
Josh Leavitt, Coinbase’s Senior Director of Product Management, said the company chose Chainlink because it is “an industry leader for cross‑chain connectivity” and that the partnership will “provide a reliable means to expand Coinbase Wrapped Asset offerings.” William Reilly, Head of Strategic Initiatives at Chainlink, added that CCIP’s security and reliability are critical for a publicly listed company like Coinbase and that the collaboration will “accelerate the growth of Coinbase’s wrapped assets.”
Investors have reacted with mixed sentiment. While the broader crypto market has been weak—evidenced by a decline in LINK’s price—some analysts view the partnership as a positive step toward institutional adoption, whereas others remain cautious about the timing and execution risks associated with cross‑chain infrastructure.
The move is likely to increase liquidity and user access to Coinbase’s wrapped assets across multiple blockchains, giving the company a competitive edge in the interoperability space and reinforcing its strategy to capture institutional demand in the growing wrapped‑token market.
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