Binance has finished wXRP integration on its platform, users can now deposit and begin trading Wrapped XRP
Binance has announced the integration of Wrapped XRP (wXRP) has been completed now, and deposits for this asset have been opened.
#Binance completes $wXRP integration and opens deposits. https://t.co/UbkQPVnfoD
— Binance (@binance) January 17, 2022
wXRP added by Binance, deposits, and trading is open
wXRP is based on Ethereum’s ERC20 standard. wXRP is a token backed by XRP 1:1, and it can be traded or sent to blockchains alternative to XRPL.
Withdrawals for this cryptocurrency will be added later on. Binance warns that Wrapped XRP deposits will be credited as XRP, and users can start trading it immediately. The exchange team provided the wXRP contract address, 0x39fBBABf11738317a448031930706cd3e612e1B9.
The XRP reserve that is exchangeable with wXRP is held by the Wrapped DLT project that “wraps” original coins, allowing them to be used on new blockchain networks – such as Ethereum wallets and dApps, including DeFi.
wXRP can also be used for staking in liquidity pools across multiple locations, including Sushiswap and Unicorn. As a result, wXRP provides many new use cases for XRP. Binance reserves of wXRP are managed by the Hex Trust custodian.
The wXRP ticker stands for Wrapped XRP specially made through the Wrapped project. Wrapped XRP has been offered on ERC-20 since last December. However, you can also wrap XRP through other platforms. Any wrapped token can be opened and redeemed for the original coin.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
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