Wrapped interchain wrapped asset data provider. According to the statement made by com, Wrapped XRP (wXRP) will be supported on the Ethereum blockchain from December.
Wrapped XRP will be backed 1:1 by XRP, the native cryptocurrency of the XRP Ledger (XRPL), and will be held in custody with the Hong Kong-based licensed digital asset manager, Hex Trust. Ripple CTO David Schwartz tweeted the previous day that users can use wXRP in their Ethereum wallets, DeFi and smart contracts.
https://twitter. com/JoelKatz/status/1455215049228754946
This was echoed by Monica Long, general manager of RippleX at Ripple, and Lang said:
“Big news for the DeFi community! This is not only great for XRP utility and liquidity (more apps and use cases), but also for cross-chain interoperability. We will see more tokens on @gatehub and XRPL on XRPL via ETH and BTC already. This is just the beginning. ”
Calvin Shen, head of sales and business development at Hex Trust, said:
“Wrapped. com will benefit the broader XRP ecosystem as we provide the infrastructure to activate Wrapped XRP on the Ethereum blockchain. These tokens improve interoperability between DeFi protocols, create links between isolated liquidity and enable users to transact with a wider range of decentralized applications. ”
According to Ripple’s Q3 2021 XRP Markets Report, Ripple has seen “unprecedented” growth in its on-demand liquidity (ODL), which facilitates cross-border payments by using XRP as a bridge between the two currencies. Ripple reported that ODL transactions increased by 130% quarter-on-quarter and transaction volume on RippleNet has more than doubled since 2020.
Excluding acquisitions, total XRP sales by Ripple in Q3 2021 were $491.74 million, compared to $157.92 million in Q2. Ripple said that all XRP sales in the third quarter are attributed to the growth and adoption of ODL.
