With the launch of cbBTC, cbXRP, and cbDOGE on Base, Coinbase has opened new doors for users who want to bring their Bitcoin, XRP, or Dogecoin into the growing Base DeFi ecosystem. These cb-wrapped tokens are fully backed by their native assets, held in Coinbase’s custody on a 1: 1 basis. Now that Portal Pay accepts these tokens natively on Base, both newcomers and seasoned crypto users have a seamless way to send and receive payments with major coins, without leaving the Ethereum Layer 2 universe.
What Are cb-Wrapped Tokens?
cb-wrapped tokens (cbBTC, cbXRP, and cbDOGE) are ERC-20 versions of Bitcoin, XRP, and Dogecoin issued by Coinbase on the Base network. They’re designed to unlock cross-chain liquidity and make it possible to use your favorite coins in DeFi apps like Portal Pay. Each token is fully collateralized: for every 1 cbBTC circulating on Base, there’s exactly 1 BTC held securely by Coinbase.
Key Benefits of Using cb-Wrapped Tokens on Base
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Access to DeFi on Base: cbBTC, cbXRP, and cbDOGE let you use Bitcoin, XRP, and Dogecoin in Base’s Ethereum-compatible DeFi ecosystem, opening up lending, trading, and yield opportunities previously unavailable to these assets.
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1:1 Asset Backing by Coinbase: Each cb-wrapped token is fully backed by its underlying asset (BTC, XRP, or DOGE) held in Coinbase’s custody, providing transparency and trust for users.
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Fast, Low-Cost Transactions: Transacting with cb-wrapped tokens on Base offers significantly lower fees and faster confirmation times compared to using native Bitcoin, XRP, or Dogecoin networks.
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Seamless Payments with Portal Pay: Portal Pay supports direct payments and receipts in cbBTC, cbXRP, and cbDOGE, making it easy to transact with these assets on the Base network.
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Easy Conversion and Redemption: Users can convert their BTC, XRP, or DOGE to cb-wrapped tokens on Coinbase and redeem them back at a 1:1 ratio, ensuring liquidity and flexibility.
This approach means you get the best of both worlds: exposure to your original asset plus access to fast transactions and low fees on Base.
Why Use Portal Pay with cbBTC, cbXRP and amp; cbDOGE?
Portal Pay is one of the first payment gateways to support these wrapped tokens directly on Base. Whether you want to pay a friend in Bitcoin without leaving DeFi or accept Dogecoin for your NFT project fees, Portal makes it simple. Here’s why this matters:
- No bridges required: Move assets from Coinbase directly onto Base as wrapped tokens, no third-party bridge needed.
- Instant payments: Benefit from near-instant finality thanks to Ethereum L2 infrastructure.
- Low transaction costs: Enjoy minimal gas fees compared to mainnet Ethereum or Bitcoin networks.
- User-friendly experience: Connect your wallet and transact in familiar currencies, all within one interface.
Your Step-by-Step Guide: Using Wrapped Tokens with Portal Pay
If you’re ready to try out this new feature set but don’t know where to start, don’t worry! Here’s a streamlined walkthrough for getting up and running with cbBTC, cbXRP, or cbDOGE.
How to Send & Receive cbBTC, cbXRP, or cbDOGE with Portal Pay on Base
The process is approachable even if you’re new to DeFi, just make sure you have a compatible wallet (like Coinbase Wallet or MetaMask) set up for the Base network before getting started!
Once your wallet is connected and funded with cbBTC, cbXRP, or cbDOGE, you’ll notice how intuitive the experience is. Portal Pay’s interface lets you select your preferred token, enter the recipient’s address (or scan a QR code), and confirm the transaction, all in just a few clicks. Transactions settle within seconds thanks to Base’s Layer 2 speed, and you can track confirmations directly in your wallet.
Tips for Managing Your cb-Wrapped Tokens on Base
Managing wrapped assets on Base is straightforward, but there are a few best practices to keep in mind:
Best Practices for Securely Managing cbBTC, cbXRP, and cbDOGE on Base
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Use Official Wallets Compatible with Base: Always use reputable wallets like Coinbase Wallet or MetaMask that support the Base network. Securely back up your seed phrase and never share it with anyone.
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Transact Only Through Trusted Platforms: Use established platforms like Portal Pay for sending and receiving cb-wrapped tokens. Avoid unknown dApps or links to prevent phishing and scams.
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Monitor Official Announcements: Stay updated with the latest security advisories and feature updates by following Coinbase and Base on their official channels (e.g., X/Twitter, blogs).
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Review Transactions Before Signing: Always double-check transaction details in your wallet before confirming, especially recipient addresses and network selection, to avoid irreversible mistakes.
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Be Cautious with Approvals: Limit token approval permissions to only trusted dApps and revoke unnecessary approvals regularly using tools like Revoke.cash.
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Secure Your Devices: Keep your wallet apps and device operating systems up to date. Use strong passwords and enable biometric or two-factor authentication where possible.
Remember: always double-check that you are interacting with official contract addresses. For example, the verified contract for cbXRP is 0xcb585250f852C6c6bf90434AB21A00f02833a4af. This helps protect you from phishing attempts or counterfeit tokens circulating on unofficial sites.
Unlocking Base Chain Liquidity with cb-Wrapped Tokens
The arrival of these Coinbase-backed wrapped tokens isn’t just about payments, it’s about giving users access to a broader DeFi toolkit. With cbBTC on Base, you can lend BTC in DeFi protocols, provide liquidity to decentralized exchanges, or even participate in NFT marketplaces using Bitcoin’s value. The same goes for cbXRP Base chain and cbDOGE Base DeFi: these assets are now composable across the entire ecosystem.
“The integration of wrapped tokens like cbBTC into Base’s DeFi landscape is a huge leap forward for cross-chain utility. ”
Coinbase’s official campaign page has more details about how these tokens are collateralized and how you can convert back to native assets if needed.
The Future of Payments on Layer 2
If you’ve ever wished Bitcoin or Dogecoin could move as quickly and cheaply as an ERC-20 token, now they can. By leveraging Portal Pay and Coinbase’s wrapped assets, users no longer have to compromise between security, speed, or ecosystem access. The process is simple enough for anyone comfortable with web wallets and offers new flexibility for merchants, freelancers, or NFT creators accepting crypto payments.
The momentum behind Base chain liquidity continues to build as more assets become interoperable across chains. Whether you’re moving large amounts of BTC into DeFi lending pools or splitting dinner with friends using DOGE on Base, the possibilities are expanding rapidly, and securely, thanks to this new wave of wrapped tokens.
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