Coinbase introduces wrapped staked ETH asset ahead of the Merge

2022.08.25 02:49

Coinbase (NASDAQ:COIN) has launched a new asset consisting of Ether tokens that are staked and wrapped through the crypto exchange.

In a Wednesday announcement, Coinbase said it will be listing Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network as an ERC-20 token, allowing customers to use their staked Ether (ETH) while earning rewards on the exchange. According to its website, users can withdraw the tokens to Coinbase, stake them, and then wrap the ETH2 into cbETH, with the new wrapped staked token balance visible on their accounts. The tokens are expected to be available for trading on Aug. 25 “if liquidity conditions are met.”

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