Decentralized Finance just got a whole lot more interesting.
An Oct. 31 announcement by Wrapped.com, a cross-chain wrapped asset provider, said Wrapped XRP (wXRP) will be available on Ethereum from December.
Fast facts
- Hex Trust, a licensed digital asset custodian based in Hong Kong, will house Wrapped XRP in custody and back it 1:1 with XRP – the native cryptocurrency of the XRP Ledger (XRPL).
- David Schwartz, Ripple’s CTO, said Nov. 2 that Ethereum wallets, DeFi, and smart contracts will all support wXRP. “We are living in a multichain world after all.
It is great not only for XRP value and liquidity (more apps and uses) but also for interchain functionality (ETH and BTC are on XRPL via @gatehub, and we’ll see more tokens on XRPL over time).”.”
- “The collaboration with Wrapped.com will benefit the wider XRP ecosystem as we provide the infrastructure to mobilize Wrapped XRP on the Ethereum blockchain. Hex Trust’s head of business development, Calvin Shen, says wrapped tokens will improve interoperability across DeFi protocols, connect otherwise isolated liquidity, and make it possible for users to transact with a broad range of decentralized applications.
- According to Ripple’s Q3 2021 XRP Markets Report, XRP is used as a bridge between two currencies to facilitate cross-border payments by using Ripple as a liquidity provider. RippleNet transactions have more than doubled in the last year, and ODL transactions have seen 130% growth. In Q3 2021, Ripple sold US$491.74 million in XRP, compared to US$157.92 million in Q2. All XRP sales were due to ODL adoption and growth, Ripple said.
While Ripple’s ODL business is growing strongly, it remains deeply embroiled in a lawsuit with the Securities and Exchange Commission regarding its alleged unregistered offering of XRP worth over US$1.38 billion. By mid-January 2022, the parties are scheduled to have completed the fact discovery phase, in which they exchanged information and took testimony.
Via this site.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
