Binance, one of the world's largest exchanges, announced that the Wrapped XRP (wXRP) integration 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 warns that Wrapped XRP deposits will be credited in XRP and users can start trading immediately. The team provided the wXRP contract address 0x39fBBABf11738317a448031930706cd3e612e1B9.
Wrapped XRP Price and Market Data
Wrapped XRP price is $0.751813 today and a 24-hour trading volume is $226,495. The price is down -3.6% in the last 24 hours. Sushiswap is currently the most active market where it is traded.
Wrapped XRP is a 1:1 equivalent of XRP represented as an ERC-20 on Ethereum. Wrapped.com lets investors use their digital assets to lend, borrow, and trade on all major DeFi platforms. Each wrapped asset is fully-collateralized and held with a qualified custodian. Wrapped.com is a collaboration of Tokensoft Inc. with leading customers and other financial institutions. Tokensoft provides the technology layer via Wrapped.com that allows users to wrap their XRP into wXRP.
What is Wrapped XRP?
wXRP is a token backed by XRP 1:1 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.
It can also be used to stake liquidity pools across multiple platforms, including wXRP, Sushiswap, and Unicorn. Thus wXRP provides more new use cases for XRP.
wXRP's Binance reserves are managed by the Hex Trust custodian. Each wrapped token can be opened and exchanged for the original token.