Giant Bitcoin exchange Binance has made an important altcoin announcement. Completed wXRP integration on Binance platform. Users can now invest and start trading Wrapped XRP through the exchange. So what is Wrapped XRP? cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Binance has made an important altcoin announcement!
The world’s largest cryptocurrency exchange, Binance, announced on its blog that the integration of Wrapped XRP (wXRP) has been completed and deposits have been opened for this asset. wXRP is based on Ethereum’s ERC20 standard.
According to the blog post, withdrawals for this cryptocurrency will be added later. Binance clarifies that Wrapped XRP deposits will be credited in XRP and users can start trading immediately. The exchange team provided the wXRP contract address 0x39fBBABf11738317a448031930706cd3e612e1B9.
What is Wrapped XRP and what is it used for?
wXRP is a 1:1 backed token with XRP and can be traded or sent to Blockchains as an alternative to XRPL. The XRP reserve, which can be exchanged for WXRP, is held by the Wrapped DLT project, which “wraps” the original coins, allowing them to be used in new Blockchain networks such as Ethereum wallets and dApps including DeFi. wXRP can also be used to stake liquidity pools at multiple venues, including Sushiswap and Unicorn. Thus wXRP provides more new use cases for XRP.
wXRP’s Binance reserves are managed by the Hex Trust custodian. The wXRP code specifically stands for wrapped XRP made through the Wrapped project. However, you can also wrap the cryptocurrency tied to Ripple through other platforms. Each Wrapped token can be unlocked and exchanged for the original token. Wrapped XRP has been released on the ERC-20 since December of last year.
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