Coinbase Exchange customers can receive cbETH by staking and wrapping their ETH. Coinbase Wrapped Staked ETH (“cbETH”) is a utility token that represents ETH staked through Coinbase and earns the same rewards. To learn more, visit our help article on cbETH here.
To access cbETH, Exchange customers can follow these steps:
Log in to Coinbase Exchange user-interface, select withdraw ETH, and withdraw to Coinbase.com. Then, navigate to Coinbase.com and log in using the same email/password as your Coinbase Exchange account.
2. Once logged-in on Coinbase.com, navigate to the ETH asset detail page. Click the ‘stake now’ button and enter the amount of ETH to stake. You can also read more in our Help Center article here.
3. Upon submitting the staking request, wrap the ETH2 into cbETH. You can also perform this action from the ETH2 asset detail page. There is no fee to wrap your asset. Once wrapped you’ll see a balance of cbETH in your Coinbase.com account.
4. Return to Coinbase Exchange user-interface. Select deposit cbETH and choose Coinbase.com as the source. The cbETH will transfer and can be used on Coinbase Exchange.
To learn about the technical details of cbETH in greater depth, read the cbETH White Paper.