Coinbase has announced a major partnership with Chainlink, selecting its Cross-Chain Interoperability Protocol (CCIP) as the exclusive bridging solution for all Coinbase-issued wrapped assets. This ecosystem, valued at approximately $7 billion, includes tokens such as cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP.
The integration is designed to make these tokenized assets easier to deploy across new blockchain networks. According to the companies, CCIP will provide a unified standard for moving assets, aiming to eliminate fragmentation and improve interoperability. Josh Leavitt, senior director of product management at Coinbase, stated, "We chose Chainlink because they are an industry leader for cross-chain connectivity. Their infrastructure provides a reliable means to expand Coinbase Wrapped Asset offerings."
Security was a primary factor in the decision. Coinbase highlighted CCIP's multilayered security architecture, which includes dual decentralized oracle networks, an independent Risk Management Network, and automated monitoring designed to flag anomalies. This design is intended to prevent the types of exploits that have affected other cross-chain bridges, making it attractive for institutional custodians.
The move represents a significant institutional endorsement for Chainlink's technology. CCIP, which launched in beta in 2023, has expanded across the EVM ecosystem, major alternative Layer 1s like Solana, Monad, and Aptos, and Bitcoin scaling chains. Notably, global financial messaging network Swift has also conducted a successful pilot on CCIP linking banks.
This partnership follows recent integration work between the two companies. Coinbase's incubated Layer 2 network, Base, recently tapped Chainlink CCIP for its bridge to Solana, which debuted last week. Coinbase wrapped assets are tokenized versions of cryptocurrencies issued on other blockchains, with reserves held 1:1 in Coinbase custody.
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