Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge
The cryptocurrency exchange Coinbase has introduced a new liquid staking ethereum derivative token ahead of Ethereum’s proof-of-stake (PoS) upgrade. The new ERC20 utility token is called coinbase wrapped ethereum, or CBETH, and it will allow people to stake their ether in a non-custodial fashion or trade the tokens on the open market. Coinbase Reveals CBETH […]
The cryptocurrency exchange Coinbase has introduced a new liquid staking ethereum derivative token ahead of Ethereum’s proof-of-stake (PoS) upgrade. The new ERC20 utility token is called coinbase wrapped ethereum, or CBETH, and it will allow people to stake their ether in a non-custodial fashion or trade the tokens on the open market.
Coinbase Reveals CBETH Liquid Staking Solution
On August 24, Coinbase Global (Nasdaq: COIN) announced the launch of a new ERC20 token called coinbase wrapped ethereum (CBETH) roughly two weeks before the highly anticipated Ethereum upgrade known as The Merge is expected to take place. Essentially, Coinbase is enhancing the company’s staking services by leveraging the same method as Lido, a liquid staking competitor. Lido also provides market participants with a wrapped ether token called lido staked ether (STETH).
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
