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Coinbase Introduces Liquid Staking Token Before Ethereum Merge

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Coinbase has introduced a brand new asset that is made up of Ether tokens which are tied to and secured through the cryptocurrency exchange.

In a press release on Wednesday, Coinbase said it would display Coinbase Wrapped Staked Ether (cbETH) in the Ethereum network

As an ERC-20 token allowing customers to make use of the secured Ether (ETH) in addition to receiving rewards from the exchange.

According to the website, customers can withdraw their tokens from Coinbase, 

Stake them before wrapping the ETH2 into cbETH, and have the newly staked balance in their account. 

The tokens will be trading by August. 25 "if the liquidity requirements are satisfied."

"We hope that cbETH will gain a wide acceptance in trade, transfer and for use within DeFi application," said Coinbase in its white paper on cbETH, published in August.

"With the cbETH token, Coinbase aims to contribute to the wider cryptocurrency ecosystem by creating high-utility wrapped tokens and open-sourcing smart contracts."