Coinbase Wrapped XRP
CBXRPProject Safety Score: 31%
Updated 2 weeks, 6 days agoCoinbase Wrapped XRP ("cbXRP") is a token that is backed 1:1 by native Ripple (XRP) held by Coinbase, meaning that for all cbXRP in circulation, there is an equivalent amount of XRP held in a secure custody solution (including cold storage) provided by Coinbase. Wrapped assets, like cbXRP, are transferable tokens that are redeemable for the underlying asset. Coinbase customers can unwrap cbXRP and redeem a corresponding amount of the underlying XRP simply by depositing the cbXRP into their Coinbase accounts. cbXRP is built to be seamlessly compatible with DeFi applications, giving customers the option to tap into DeFi and unlock financial utility.
cbXRP removes a key point of friction by allowing customers to use Ripple they already hold in new ways onchain. cbXRP is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their XRP as liquidity to DeFi protocols, using it as collateral to borrow other crypto assets, or spending it as a payment method. Wrapped assets like cbXRP are a mature concept in the crypto world, helping to bring more liquid assets onchain and facilitate an expansive financial ecosystem.
Risk Report
Cryptocurrency carries risk. Every project listed on this site, regardless of its score, operates in a volatile and largely unregulated market. Tokens can lose most or all of their value. A high score reflects lower structural risk based on the data we can measure. It does not mean a project is safe, that the price will hold, or that losses are unlikely. Always research independently and never commit money you cannot afford to lose.
