Binance Lists Wrapped XRP 'wXRP' - Trading Now Available.

Binance Lists Wrapped XRP 'wXRP' - Trading Now Available.

2022-01-18 | Daniel Smith

Binance Lists Wrapped XRP 'wXRP' - Trading Now Available.

Binance, the largest global cryptocurrency trading platform, has announced on its website that the merger of Wrapped XRP (wXRP) has indeed been finished as well as deposits for this currency have been enabled.

Binance accepts deposits as well as trades wXRP

wXRP is built on the Ethereum ERC20 standard. As per the blog article, withdrawals for this coin would be implemented subsequently.

Binance cautions that deposits of Wrapped XRP would be acknowledged as XRP, and customers would be able to trade it immediately. The wXRP contract address is 0x39fBBABf11738317a448031930706cd3e612e1B9, according to the exchange group.

What exactly is Wrapped XRP and what are its applications?

wXRP is a token that is 1:1 guaranteed by XRP and may be exchanged or transmitted to blockchains as a substitute to XRPL.

The Wrapped DLT project "wraps" initial currencies, enabling them to be utilized on different blockchain networks—for instance, Ethereum wallets as well as dApps, notably DeFi—and holds the XRP reserve that really is exchangeable with wXRP.

wXRP may also be utilized to stake in liquidity pools on a variety of platforms, notably Sushiswap as well as Unicorn. As a result, wXRP introduces new applications for XRP.

The Hex Trust custodian manages Binance's wXRP reserves. The wXRP ticker represents packaged XRP generated specifically through the Wrapped project. Nevertheless, the Ripple-affiliated currency can also be wrapped using other platforms.

Each token may be unwrapped as well as exchanged for the actual currency.

From December of the previous year, wrapped XRP has already been available on ERC-20.

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