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Key Takeaways
- Coinbase has selected Chainlink CCIP as the exclusive cross-chain bridging protocol for its wrapped assets.
- Coinbase Wrapped Assets, such as cbBTC or cbETH, will use Chainlink’s CCIP for all cross-chain transfers.
Coinbase has named Chainlink’s Cross-Chain Interoperability Protocol (CCIP) its exclusive bridging partner to accelerate its wrapped asset growth.
CCIP is Chainlink’s solution that allows secure, multi-chain communication and token transfers between public, private, and institutional blockchains. It lets developers create sophisticated multi-chain applications, move tokens with programmable instructions in a single transaction, and ensures security through decentralized oracles and active system monitoring.
Explaining the selection of CCIP as their exclusive bridge solution, Josh Leavitt, Director of Product Management at Coinbase, said Coinbase chose Chainlink for its industry-leading cross-chain capabilities and reliable infrastructure.
“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,” said Leavitt in a statement.
The partnership leverages Chainlink’s proven infrastructure in securing extensive DeFi operations and transaction volumes to enhance the transfer capabilities of Coinbase’s wrapped tokens, such as cbBTC, cbETH, among others, which collectively hold a market capitalization of $7 billion.
“CCIP was selected by Coinbase for their cross-chain needs due to CCIP’s security and reliability. As the leading publicly-listed firm for digital assets, Coinbase takes security and reliability for their products seriously,” said William Reilly, Head of Strategic Initiatives at Chainlink. “I am excited about accelerating the growth of Coinbase’s wrapped assets and look forward to helping bring global finance onchain.”
Chainlink’s CCIP is rapidly establishing itself as a key cross-chain protocol, with multiple high-profile integrations across layer 2 networks, DeFi platforms, and institutional tokenized asset solutions.
The announcement follows Base’s launch last week of the Base-Solana Bridge, which is secured by Chainlink CCIP alongside Coinbase.