The world's largest crypto trading company, Binance, has spread the word on its blog that the integration of Wrapped XRP (wXRP) has been completed now, and deposits for this asset have been opened.
Binance opens deposits and trading for wXRP
wXRP is based on Ethereum's ERC20 standard. Withdrawals for this cryptocurrency will be added later on, according to the blog post.
Binance warns that deposits of Wrapped XRP will be credited as XRP, and users can start trading it right away. The exchange team provided the wXRP contract address, 0x39fBBABf11738317a448031930706cd3e612e1B9.
What is Wrapped XRP, and what is it for?
wXRP is a token backed by XRP 1:1, and it can be traded or sent to blockchains alternative to XRPL. 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 on multiple venues, including Sushiswap and Unicorn. Thus, wXRP provides more new use cases for XRP.
Binance reserves of wXRP are managed by the Hex Trust custodian. The wXRP ticker stands for wrapped XRP made particularly via the Wrapped project. However, you can wrap the Ripple-affiliated coin via other platforms as well.
Every wrapped token can be unwrapped and exchanged for the original coin.
Wrapped XRP has been offered on ERC-20 since December of last year.