Coinbase announces the launch of the Coinbase Wrapped Staked ETH (cbETH) token. This is a derivative asset issued on the security of the Ethereum cryptocurrency blocked in staking on the platform.
Coinbase will add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds will be lost.
What is cbETH? Let’s dive in 🧵👇 pic.twitter.com/n3Dp4OA6HO
— Coinbase Assets (@CoinbaseAssets) August 24, 2022
cbETH token will be ERC-20 standardwhich can be withdrawn from the platform and used in various DeFi protocols.
Thus, the company de facto implements the function liquid staking. This will allow investors to receive additional profitability for blocking tokens based on the algorithm proof-of-stake.
The initiative is implemented in anticipation of the planned for September 10–20 the so-called The Merge.
“With cbETH, Coinbase plans to contribute to the vast crypto ecosystem,” it says. white paper.
If the liquidity criteria are met, trading in the asset against the US dollar will begin on August 25 and will compete with stETH from Lido Finance.
