Coinbase Announces cbETH Wrapped Ethereum Staking Token

As the crypto world prepares for the Ethereum merge next month, popular crypto exchange Coinbase announced on Wednesday the launch of cbETH, its new wrapped and staked Ethereum ERC-20 token. Staking is pledging an asset to a network to help it validate transactions, usually for a monetary return or rewards. “Coinbase Wrapped Staked ETH (cbETH) is a utility token that represents ETH2, which is ETH staked through Coinbase,” the company tweeted, adding that “cbETH can be sold or sent off-platform, while ETH2 will remain locked-up until a future protocol upgrade.”