- Wrapped tokens to be issued by Coinbase include cbADA, cbDOGE, cbLTC, and cbXRP on its Base network.
- The company cautions that users should beware of scammers who claim that these tokens are already available.
- Trust should only be given to the officially shared Base contract addresses after the tokens go live.
One of the most renowned cryptocurrency platforms, Coinbase, has announced future plans to introduce new crypto assets on the Base network. The new tokens will be named cbADA, cbDOGE, cbLTC, and cbXRP.
These are wrapped versions of renowned digital currencies such as Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) that are to be used in the Base blockchain by Coinbase. Nevertheless, the company has explained that such assets are not live and not even tradable yet.
When launched and available for use, Coinbase said that it will officially announce this at a later date.
Coinbase Warns Customers of Scam Possibilities
The announcement has received a lot of buzz, especially on the Internet, with crypto users striving to know what could happen to the Base network and the overall crypto market due to this development. Despite the high level of anticipation, Coinbase has warned users about potential scams.
According to a follow-up post from the official Coinbase Assets account, reports are there may be malicious agents spreading misleading information that these new tokens are already available. Such a scam might even con people into sending their money to fake addresses or participating in non-existent trading platforms.
To prevent this, the crypto platform has only listed the official Base contract addresses for the new cbAssets. For instance, the official Base address for cbADA begins with “0xcbADA73217…”, and similar addresses were provided for cbDOGE, cbLTC, and cbXRP.
Coinbase warned that these are the only trustworthy contract addresses for these tokens, and that people should be very careful. Any underhanded deal selling or trading these tokens prior to an official launch announcement is likely to be a scam.
This step taken by the popular cryptocurrency exchange reflects the emerging growth of its Base network and the efforts to onboard more popular cryptocurrencies to the network without compromising security.
Related Reading | Tether-Backed Twenty One Capital Acquires $458.7M Bitcoin, Eyes New ATH
