Coinbase (ticker COIN) has tapped 
LINK-4.48%’s cross-chain interoperability standard to serve as the “exclusive bridging solution” for all Coinbase wrapped assets. This includes Coinbase-issued cbBTC, cbETH, cbDOGE, cbLTC, cbADA, and cbXRP, which together have a cumulative value of approximately $7 billion.
Integrating Chainlink's Cross-Chain Interoperability Protocol (CCIP) will make these assets easier to deploy on new blockchains, the companies explained in a release. The system, which is powered by Chainlink's oracle networks, is designed to link applications across both public and private networks.
"We chose Chainlink because they are an industry leader for cross-chain connectivity. Their infrastructure provides a reliable means to expand Coinbase Wrapped Asset offerings." Josh Leavitt, senior director of product management at Coinbase, said in a statement. CCIP launched in beta in 2023 and has since expanded across the EVM ecosystem, major alternative Layer 1s like Solana, Monad, and Aptos, as well as Bitcoin scaling chains like BOB and Babylon, among others. Global financial messaging network Swift also conducted a successful pilot on CCIP linking banks.
Coinbase-incubated Layer 2 Base tapped Chainlink CCIP for its bridge to Solana, which debuted last week. The network previously worked with Chainlink to establish communication channels between other Ethereum-based networks and power its data feeds. Coinbase wrapped assets are tokenized versions of cryptocurrencies issued by Coinbase on other blockchains, with reserves held 1:1 in Coinbase custody.
Unlike many cross-chain bridge models based on token wrapping, Chainlink’s CCIP leverages smart contract-enabled mechanisms between “audited token pools” across different chains. This theoretically allows for seamless interactions between blockchain networks, according to Chainlink. The oracle networks powering Chainlink CCIP reportedly leverage the same oracle networks that “secure over 70% of DeFi globally,” representing more than $27 trillion in transaction volume, according to the release.