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Wrapped XRP to Go Live on Ethereum in Dec, Ripple




Despite Ripple’s historic set off with the US securities watchdog SEC, the firm is continuing with its ambition for innovation.

As per the announcement the wrapped version of XRP, wXRP, is getting live on Ethereum blockchain by Dec 31st. A cross-chain wrapped assets provider is the company responsible for building wXRP. The token will be held in the custody provided by Hex Trust, Hong Kong-based licensed digital asset custodian.

Unlike the native XRP, the wXRP token will have DeFi capabilities. The users will be enabled to lend and borrow tokens, and swap it with other altcoins too. David Schwartz, CTO Ripple, added that the users will be able to use their holdings in their Ethereum walletsDeFi and smart contracts. wXRP is getting launched with the exchange rate of 1:1, which means that each wXRP token will have the backing of one  native XRP. General Manager at Ripple’s innovation arm RippleX, Monica Long, stated

This is great not only for XRP utility and liquidity (more apps and use cases) but also for interchain operability.

as she added that  Ethereum and Bitcoin are already on XRPL via @gatehub, and they will see more tokens on XRPL in the future.

Hex Trust’s head of sales & business development, Calvin Shen, noted that their collaboration with will prove lucrative for the wider XRP ecosystem as the custody provider provides the adequate infrastructure to mobilize wXRP on the Ethereum blockchain.

It is to be noted here that Ripple has been under the hammer for almost an year now as they fight the SEC lawsuit in the court. The SEC had filed the lawsuit in Dec last year, alleging Ripple with its executives Chris Larsen and Brad Garlinghouse of selling $1.38 billion worth of XRPs as unregistered securities during 2010 to 2019.

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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