Binance has completed wXRP integration on its platform, users can now deposit wrapped XRP and start trading
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- Binance opens deposits and trading for wXRP
- What is Wrapped XRP, and what is it for?
The world’s largest crypto trading company, Binance, has announced on its blog that the integration of Wrapped XRP (WXRP) is now complete, and deposits for this asset have been opened.
#binance completes $wXRP Opens integration and deposits. https://t.co/UbkQPVnfoD
– Binance[@binance] 17 January 2022
Binance opens deposits and trading for wXRP
WXRP is based on Ethereum’s ERC20 standard. According to the blog post, withdrawals for this cryptocurrency will be added later.
Binance has warned that deposits of Wrapped XRP will be credited as XRP, and users can start trading it immediately. The exchange team provided the wXRP contract address, 0x39fBBABf11738317a448031930706cd3e612e1B9.
What is Wrapped XRP, and what is it for?
WXRP is a token backed by XRP 1:1, and can be traded or sent on the blockchain as an alternative to XRPL. The XRP reserve that is exchangeable with WXRP is held by the Wrapped DLT project which “wraps” the original coins, allowing them to be used on new blockchain networks—such as Ethereum wallets and dApps, including DeFi. gets permission.
WXRP can also be used to place bets in liquidity pools across multiple locations including SushiSwap and Unicorn. Thus, WXRP offers more new use cases for XRP.
The Binance Reserve of WXRP is managed by Hex Trust Custodian. The WXRP ticker is specifically for Wrapped XRP created through the Wrap Project. However, you can wrap a Ripple-affiliated coin through other platforms as well.
Each wrapped token can be unwrapped and exchanged for the original coin.
Wrapped XRP has been offered on ERC-20 since December of last year.