Major Platform Adopts Chainlink CCIP as Exclusive Bridge for Wrapped Assets

Source: CryptoNewsNet Original Title: Coinbase taps Chainlink CCIP as exclusive bridge partner to foster wrapped asset growth Original Link:

Overview

A major compliance platform has selected Chainlink CCIP as the exclusive cross-chain bridging protocol for its wrapped assets, including cbBTC and cbETH, for all cross-chain transfers.

Technical Details

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is a solution that enables secure, multi-chain communication and token transfers between public, private, and institutional blockchains. It allows developers to create sophisticated multi-chain applications, move tokens with programmable instructions in a single transaction, and ensures security through decentralized oracles and active system monitoring.

According to the product leadership team, the selection was based on CCIP’s industry-leading cross-chain capabilities and reliable infrastructure. The partnership leverages Chainlink’s proven infrastructure in securing extensive DeFi operations and transaction volumes to enhance the transfer capabilities of wrapped tokens, which collectively hold a market capitalization of $7 billion.

Strategic Significance

CCIP was chosen for its security and reliability standards. As a leading platform for digital assets, the partner takes security and reliability for its products seriously. The initiative aims to accelerate the growth of wrapped assets and 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. This announcement follows recent launches of base-layer cross-chain bridges, which are also secured by Chainlink CCIP.