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XRP Gets Wrapped by Tokensoft for Ethereum DeFi Debut

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Is the XRP Army able to storm Ethereum?

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

The new connectivity for XRP holders will enable entry to varied DeFi purposes, whether or not that’s lending and borrowing, or for use in automated market makers (AMMs), stated Mason Borda, CEO of Tokensoft, the driving pressure behind Wrapped.

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

“We do a lot of these wrapped tokens, but we just think this wrapped XRP asset is going to be huge,” Borda stated in an interview. “It’s a top ten digital asset and has one of the biggest 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 cost token’s sprawling military of supporters.

Read 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 property and tokens.

“Not all custodians support all assets,” Borda stated. “So working with multiple custodians opens up the door to a greater selection for users of wrapped assets and just building a more vibrant ecosystem.”

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