Wrapped Staked ETH Token is Now Available on Coinbase

Wrapped-Staked-ETH-Token-is-Now-Available-on-Coinbase
  • There are less than 2 weeks until Ethereums ‘The merge’.
  • Coinbase Announces Staking Token for Wrapped Ether.
  • cbETH white paper underlines the necessity for strong, competitive liquid staking options.

Popular crypto exchange Coinbase disclosed on Wednesday the release of cbETH, its new wrapped and staked Ethereum ERC-20 token, as the cryptocurrency community gets ready for the Ethereum`s merge later this month.

About two weeks prior to the much-anticipated Ethereum update known as The Merge, Coinbase Global (Nasdaq: COIN) announced the release of a new ERC20 token called Coinbase wrapped Ethereum (CBETH) on August 24. By using the same strategy as Lido, a rival in the liquid staking market, Coinbase is essentially improving the company’s staking offerings. A wrapped ether token known as lido staked ether is another service offered by Lido to market players (STETH).

The cbETH token will “give customers the option to sell, transfer, spend, or otherwise use their staked-ETH while it remains locked.” In the blog post, Coinbase further explained, “Our hope is that cbETH will achieve robust adoption for trade, transfer, and use in DeFi applications. With cbETH, Coinbase aims to contribute to the broader crypto ecosystem through creating high-utility wrapped tokens and open sourcing smart contracts.”
A cbETH white paper by Coinbase has also been released, and it underlines the necessity for strong, competitive liquid staking options with “differentiated features.” “A single solution that is about to surpass 33% network penetration currently controls the liquid staking market on Ethereum.” Additionally, according to Coinbase, the growth of cbETH will be aided by the success of the USD coin (USDC), the stablecoin created by the Coinbase Global and Circle Financial Center consortium.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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