Coinbase (NASDAQ:COIN) and Chainlink, the self-described industry-standard oracle platform, announced the selection of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as the bridging solution for all Coinbase Wrapped Assets, “enabling cross-chain transfers and expansion.”
Coinbase Wrapped Assets, which include crypto tokens cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP, currently have “an aggregate market cap of approximately $7B.” Chainlink CCIP provides a foundation “for bridging Coinbase Wrapped Assets across ecosystems.”
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 effectively “bridging Coinbase Wrapped Assets across ecosystems.”
With Chainlink CCIP as exclusive bridging provider, Coinbase Wrapped Assets are positioned “to significantly expand across ecosystems.”
This news follows Base’s announcement last week that the Base-Solana Bridge is now live and secured by Chainlink CCIP alongside Coinbase.
As noted in the update, Chainlink is said to be the so-called industry-standard oracle platform bringing the capital markets onchain and enabling the majority of decentralized finance (DeFi).
The Chainlink stack provides the “data, interoperability, compliance, and privacy standards needed to power blockchain use cases for tokenized assets, lending, payments, stablecoins.”
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 financial services institutions have “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 reportedly leverages a fee model where offchain and onchain revenue from enterprise adoption is “converted to LINK tokens and stored in a strategic Chainlink Reserve.”
As mentioned in the announcement, crypto aims to create economic freedom by ensuring that people can “participate fairly in the economy, and Coinbase is on a mission to increase economic freedom for more than 1 billion people.”
Coinbase claims that it is “updating the financial system by providing a platform that makes it easy to engage with crypto assets, including trading, staking, safekeeping, spending, and global transfers.”
Coinbase also provides infrastructure for onchain activity and supports builders who “share their vision that onchain is the new online.”
And together with the crypto sector, Coinbase advocates for “responsible rules to make the benefits of crypto available around the world.”
