Overview
- Coinbase designated Chainlink’s Cross-Chain Interoperability Protocol as the sole mechanism for transfers of Coinbase Wrapped Assets, covering tokens such as cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP.
- The wrapped-asset pool of roughly $7 billion will be able to move across multiple ecosystems, with coverage including networks like Base and Solana.
- CCIP uses decentralized node-based routing rather than a single multisig to reduce operator risk, according to company statements and technical descriptions.
- Coinbase’s Josh Leavitt said the choice reflects Chainlink’s industry-leading cross-chain connectivity, while Chainlink’s William Reilly said the selection is intended to accelerate wrapped-asset growth.
- The move follows the recent Base–Solana bridge launch secured by CCIP, with reporting citing Chainlink’s oracle networks that support more than 70% of DeFi and have processed over $27 trillion in transaction volume.