Coinbase Wrapped XRP price

CBXRP

#119

cbXRP is fungible 1:1 with a dedicated reserve of XRP held at Coinbase. The process of minting (sending) and burning (redeeming) cbXRP ensures trust and transparency, providing a frictionless experience for users. When a user requests a withdrawal of cbXRP, Coinbase holds the corresponding amount of XRP in its custody to back the cbXRP minted. - Minting: When a user initiates a withdrawal of XRP held in their Coinbase account to the Base network, an equivalent amount of cbXRP is minted on the network and sent to the user’s destination address / wallet. - Burning: When cbXRP is deposited to a user-specific Coinbase address, the cbXRP is burned and the corresponding amount of XRP is released from Coinbase’s reserve and assigned to the user’s Ripple account.

The total supply of cbXRP can be found in the token smart contract under totalSupply.

The process of minting and burning cbXRP involves using a set of audited and secure Ethereum smart contracts. These contracts are designed to mint and burn cbXRP as needed, ensuring that the total supply of cbXRP always matches the amount of XRP held backing it. cbXRP is built using the core elements of the Coinbase wrapped token contract that was also used for Coinbase Wrapped Staked ETH (cbETH). The smart contract code open source repository for Coinbase's wrapped tokens – including both cbXRP and cbETH – can be found on Github.

The following are key roles of the wrapping contract managed by Coinbase. These roles are protected by Coinbase’s key management systems and usage requires approval from a number of people in different functions, including security, engineering, and finance. - Admin: can upgrade the wrapped token implementation contract - Owner: can assign all roles except the Admin - Blacklister: can blacklist an address from transferring, minting, and burning - MasterMinter: can assign minters and their limits - Minter: can mint and burn tokens - Pauser: can pause transfers, mints, and burns for the contract

Coinbase employs state-of-the-art wallets, regular audits, and comprehensive monitoring systems to safeguard the XRP backing cbXRP. Additionally, all smart contracts involved in the minting and redemption process are rigorously tested and audited by third-party security experts.

Coinbase engaged OpenZeppelin in an audit of the cbETH smart contract contract (link) which was also used for cbXRP. No material contract code has been modified in deploying cbXRP.

The underlying XRP reserves backing cbXRP are held 1:1 at Coinbase, and redemption rights remain with cbXRP holders. Please reference the applicable Coinbase User Agreement to learn more about Coinbase’s custodial services and terms specific to users holding cbXRP.

Coinbase utilizes both hot wallets and cold wallets in its custodial solutions. Cold wallet private key materials are stored and secured at facilities within the United States and Europe. As part of Coinbase’s risk mitigation efforts, wallet private keys are not stored in plaintext format in any location and the cryptographic consensus of multiple human operators is required to decrypt a private key for both hot and cold wallets. No single individual has control of Coinbase’s wallet private keys. Coinbase performs internal audits of the private key management process and reconciliations between Coinbase wallets and third-party blockchain data. Coinbase does not use sub-custodians in connection with the storage of digital assets.