What is Coinbase Wrapped XRP (CBXRP)?
Coinbase Wrapped XRP ("cbXRP") is a token that is backed 1:1 by native Ripple (XRP) held by Coinbase, meaning that for all cbXRP in circulation, there is an equivalent amount of XRP held in a secure custody solution (including cold storage) provided by Coinbase. Wrapped assets, like cbXRP, are transferable tokens that are redeemable for the underlying asset. Coinbase customers can unwrap cbXRP and redeem a corresponding amount of the underlying XRP simply by depositing the cbXRP into their Coinbase accounts.
How does Coinbase Wrapped XRP work?
cbXRP is built to be seamlessly compatible with DeFi applications, giving customers the option to tap into DeFi and unlock financial utility. cbXRP removes a key point of friction by allowing customers to use Ripple they already hold in new ways onchain. cbXRP is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their XRP as liquidity to DeFi protocols, using it as collateral to borrow other crypto assets, or spending it as a payment method.
What is Coinbase Wrapped XRP used for?
Wrapped assets like cbXRP are a mature concept in the crypto world, helping to bring more liquid assets onchain and facilitate an expansive financial ecosystem.
Where can you buy Coinbase Wrapped XRP?
Coinbase Wrapped XRP (CBXRP) is traded on a wide range of centralized and decentralized exchanges. The most liquid markets for CBXRP sit on tier-1 venues - the sort of exchanges where institutional desks and professional market makers rebalance continuously - which is what keeps the spread tight and the last price tied closely to fair value.
You can open the Markets section above to see the live list of exchanges quoting CBXRP, sorted by 24-hour volume. Each row links to the venue's trade page so you can go directly from research to execution without copying the ticker around by hand.