Wrapped XRP to debut on Ethereum DeFi blockchain
XRP holders will now be able to access the Ethereum DeFi ecosystem as the popular cryptocurrency has now been wrapped by Tokensoft.
Wrapped XRP is a digital asset-backed by XRP in a 1:1 ratio that would give XRP holders access to DeFi applications on Ethereum. Wrapped, which provides wrapped Bitcoin, and Hex Trust, a crypto asset custodian based in Hong Kong, will jointly start offering from December.
Mason Borda, CEO of Tokensoft, a crypto asset startup co-owning Wrapped, said that XRP will be able to access a variety of DeFi applications, including borrowing, lending, and using automated market makers (AMM).
In an announcement issued by the company, Calvin Shen, Head of Sales & Business Development at Hex Trust, remarked:
“The collaboration with Wrapped.com will benefit the wider XRP ecosystem as we provide the infrastructure to mobilize Wrapped XRP on the Ethereum blockchain. Wrapped tokens improve interoperability across DeFi protocols, create connections between otherwise isolated liquidity, and enable users to transact with a broader range of decentralized applications.”
There are several Wrapped tokens currently in the network including Bitcoin, Zcash and Filecoin, and more. Wrapped is co-operated by San Francisco cryptocurrency startup TokenSoft and cryptocurrency custodian Anchorage.
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