Wrapped Digital Assets at ShredPay
ShredPay is not a centralized exchange and it does not maintain a central order book. All digital asset buy/sell orders are executed on the broader blockchain ecosystem utilizing a decentralized exchange aggregator, and the digital assets are deposited/withdrawn from your non-custodial digital wallet. In order to provide ShredPay customers with efficient liquidity and the ability to effectively use certain digital assets within decentralized finance (DeFi) applications, the ShredPay platform operates on the Ethereum and Base blockchains. With respect to tokens that are not native to the Ethereum and Base networks, ShredPay offers customers the following assets that are “wrapped” by Coinbase, Inc. (“Coinbase”), allowing them to be efficiently deployed on the Base blockchain:
Bitcoin (cbBTC): Represents Bitcoin and is available on the Base, Ethereum, Solana, and Arbitrum networks.
Dogecoin (cbDOGE): Represents Dogecoin on the Base network.
Ripple (cbXRP): Represents XRP on the Base network.
Litecoin (cbLTC): Represents Litecoin on the Base network.
Cardano (cbADA): Represents Cardano on the Base network.
Note that Coinbase wrapped tokens are backed 1:1 by the underlying assets held in custody by Coinbase (i.e. for every cbBTC token issued, Coinbase holds one BTC token), and these holdings are verified by a Proof of Reserves system. For more information, you can access the relevant Coinbase page here:
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