Binance: Opening Deposits and Trading for wXRP Ethereum-Based Cryptocurrency…Details Here
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Answer Binance: Opening Deposits and Trading for wXRP Ethereum-Based Cryptocurrency…Details Here
Cryptocurrency exchange Binance today published an announcement of the completion of mergers and the opening of deposits for the wXRP cryptocurrency, which stands for “Wrapped XRP.”
Binance opens wXRP deposits:
The digital currency “wXRP” is a digital currency built according to the “ERC20” standard of Ethereum and tracks the price of the digital currency XRP.
Binance announced the addition of this digital currency for trading, while informing its traders of the possibility of depositing, while withdrawals will be available later, according to what was stated in the Binance blog post.
Binance also warns that “Wrapped XRP” deposits will be added to the XRP wallet, and users can start trading them right away.
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Binance provided the address of the “wXRP” contract for verification which is the following:
0x39fBBABf11738317a448031930706cd3e612e1B9.
#finance Complete wXRP Dollars Integration and unlocks deposits.
– Binance (binance) January 17 2022
What is the purpose of “wXRP”?
“wXRP” is a digital currency backed by XRP 1:1 that can be traded or sent to blockchain networks other than the Ripple network.
The XRP reserve is redeemable with wXRP and held by the “Wrapped DLT” project that encapsulates the original coins, allowing them to be used on new blockchains, such as Ethereum wallets and dApps, including DeFi protocols.
wXRP can also be used in liquidity pools in multiple places, including Sushiswap and Unicorn.
Thus, the new digital currency “wXRP” provides more new use cases for “XRP”.
Binance’s reserve for “wXRP” is managed by the Hex Trust.
Each encapsulated token can be decrypted and exchanged for the original XRP.
The XRP file has been shown on ERC-20 since December of last year.
Read:Decentralized Binance Platform Receives First Stable Cryptocurrency
While it was traded on Binance, it only opened today.
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