Coinbase Cuts Account Freezes, Launches Wrapped XRP and DOGE for DeFi on Base Network

Coinbase has improved its platform with two major updates impacting crypto traders. First, it reduced unnecessary account freezes by 82% after user complaints and a significant data breach, thanks to enhanced machine learning for fraud detection, led by product team member Dor Levi. Second, Coinbase expanded its DeFi offerings by launching wrapped XRP (cbXRP) and Dogecoin (cbDOGE) on their Ethereum-based Base Layer-2 network. This allows XRP and DOGE holders to engage in DeFi activities—such as trading, lending, and providing liquidity—traditionally limited to Ethereum-native assets. The wrapped tokens are fully backed 1:1 by their underlying cryptocurrencies, ensuring transparency. Within 24 hours of launch, cbXRP’s market cap exceeded $5 million and cbDOGE neared $2 million, signaling strong adoption. By bridging major assets to Base’s low-fee, scalable DeFi environment, Coinbase aims to restore user trust post-breach and position Base as a leading DeFi platform. These moves increase DeFi access and liquidity, benefiting both retail and institutional traders and potentially paving the way for more large-cap crypto integrations.