XRP Gets Wrapped by Tokensoft for Ethereum DeFi Debut

Is the XRP Army able to storm Ethereum?

Introduced Friday, Wrapped XRP (wXRP), a digital asset backed 1:1 by XRP, will make the cross-chain leap into Ethereum-based decentralized finance (DeFi) beginning in December, courtesy of Wrapped and Hong Kong-based crypto custodian Hex Belief.

The brand new connectivity for XRP holders will permit entry to varied DeFi functions, whether or not that’s lending and borrowing, or to be used in automated market makers (AMMs), mentioned Mason Borda, CEO of Tokensoft, the driving drive behind Wrapped.

Making XRP DeFi-compatible within the type of wXRP is a primary, mentioned Borda. Wrapped has previously wrapped a spread of tokens together with bitcoin, zcash and filecoin, amongst others.

“We do numerous these wrapped tokens, however we simply suppose this wrapped XRP asset goes to be large,” Borda mentioned in an interview. “It’s a high ten digital asset and has one of many largest communities in crypto.”

XRP on DeFi

The XRP Ledger, for its half, has been talking about including DeFi capabilities to its blockchain by way of federated sidechains, so the anticipation for better XRP performance is already lit among the many fee token’s sprawling military of supporters.

Learn extra: Privacy Coin Zcash Makes Its Ethereum ‘Wrapped’ Debut With Tokensoft and Anchorage

Wrapped began out as a collaboration between San Francisco-based Tokensoft and Anchorage, the U.S. regulated crypto custodian, and the 2 corporations have created wrapped variations of 9 digital tokens.

Now, Wrapped seems to be spreading its wings and taking a multi-custodian method to offer interoperability bridging to a wider array of digital belongings and tokens.

“Not all custodians assist all belongings,” Borda mentioned. “So working with a number of custodians opens up the door to a better choice for customers of wrapped belongings and simply constructing a extra vibrant ecosystem.”