Binance, the largest global cryptocurrency exchange, announced on its blog that it has accomplished the integration of Wrapped XRP (wXRP) recently. It has opened the platform for deposit accounts of this asset. According to the blog post, withdrawals for this coin will be implemented later.
Binance advises that Wrapped XRP deposits will be credited as XRP, and customers will be able to trade it immediately. The wXRP contract address is 0x39fBBABf11738317a448031930706cd3e612e1B9, according to the exchange team.
About Wrapped XRP
wXRP is a token that is secured at 1:1 by XRP and it may be exchanged or transferred to blockchains as a replacement for XRPL. The Wrapped DLT project holds the XRP reserve which is interchangeable with wXRP. It wraps original coins, enabling those to be utilized on new blockchain networks like Ethereum wallets, dApps, and DeFi. The wXRP protocol is built on the Ethereum ERC20 standard.
Placing wXRP in liquidity pools on numerous platforms, such as Sushiswap and Unicorn, is also possible. As a result, wXRP expands the range of applications for XRP.
The Hex Trust custodian manages Binance’s wXRP reserves. Wrapped XRP created specifically through the Wrapped project is represented by the wXRP ticker. One may, however, wrap the Ripple affiliated cryptocurrency on other platforms also.
Each wrapped token may be unwrapped and redeemed for the original currency. Since December last year, wrapped XRP has been available on ERC-20.
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