Coinbase, one of the world’s largest cryptocurrency exchanges, has expanded its offering of wrapped assets by adding support for two new coins: Zcash (ZEC) and Hyperliquid (HYPE). The new wrapped tokens, cbZEC and cbHYPE, are now available exclusively on Base, Coinbase’s Ethereum Layer 2 network.
Details on wrapped Zcash and Hyperliquid
Coinbase stated that cbZEC and cbHYPE are ERC-20 tokens pegged 1:1 with their respective underlying assets. The company holds the original ZEC and HYPE tokens in custody, ensuring that each wrapped asset is directly backed and redeemable.
The introduction of cbZEC and cbHYPE extends the list of wrapped tokens supported by Coinbase. Existing wrapped tokens include Bitcoin (cbBTC), Ethereum (cbETH), XRP (cbXRP), Dogecoin (cbDOGE), Cardano (cbADA), Litecoin (cbLTC), and MegaETH (cbMEGA).
Wrapped assets function as transferable digital tokens representing ownership of the original cryptocurrency. Holders can unwrap or redeem these assets at a 1:1 ratio by depositing them into their Coinbase accounts.
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AAPLThis move enables Zcash and Hyperliquid holders to deploy their assets within the growing DeFi ecosystem on Base. By leveraging cbZEC and cbHYPE, users can access various decentralized finance applications—such as lending or borrowing platforms—that require ERC-20 tokens.
Mini dictionary: Base is a Layer 2 blockchain built on Ethereum, designed to scale user activity with faster transactions and lower fees, while remaining connected to the Ethereum network and its security model.
| Wrapped Asset | Underlying Coin | Availability | Contract Address |
|---|---|---|---|
| cbHYPE | Hyperliquid (HYPE) | Base only | 0xB200000000000000000000451d033a5000cb479e |
| cbZEC | Zcash (ZEC) | Base only | 0xB2000000000000000000008501b13360000cb2EC |
Warning over impersonation and scams
Coinbase drew attention to the growing risk of scams targeting new wrapped assets. The company warned users of potential fraudulent actors who may create fake cbHYPE and cbZEC tokens or impersonate official sources.
To ensure the safety and legitimacy of transactions, Coinbase published the official contract addresses for both cbHYPE and cbZEC on Base. The company emphasized that users should always verify contract addresses before interacting with these tokens.
Coinbase reminded users, “There may be fraudulent actors pretending to be cbHYPE and cbZEC. The Base contract addresses for cbHYPE and cbZEC are cbHYPE: 0xB200000000000000000000451d033a5000cb479e, cbZEC: 0xB2000000000000000000008501b13360000cb2EC.”
Impersonators have frequently targeted users of newly released assets, seeking to exploit inexperience or miscommunication by listing unofficial tokens or directing users to fake addresses. Coinbase urged account holders to remain vigilant and avoid disclosing sensitive information or transferring assets to unverified addresses.
Coinbase, based in the United States, operates as a publicly traded exchange and is known for its emphasis on compliance and user security standards within the digital asset industry.
Social engineering and impersonation scams have become increasingly common in the cryptocurrency ecosystem, especially with new token launches. Coinbase’s latest advisory reflects growing industry awareness regarding the importance of user education and proactive risk management for digital asset holders.
