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wXRP to launch on the Ethereum blockchain in December
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If all goes to plan, Wrapped XRP (wXRP) will be coming to the Ethereum (ETH) blockchain next month, courtesy of Wrapped.com. The move is meant to enable XRP holders to interact with aspects of decentralized finance, or DeFi, such as executing smart contracts for use in borrowing and lending, swapping for altcoins, via their native tokens. Currently, the network can only handle sending, receiving, and holding XRP.
Wrapped tokens are digital currencies stored in a digital vault and run on a separate blockchain. Notable wrapped tokens include Wrapped Bitcoin, which operates on the Ethereum blockchain, and Wrapped Ethereum, which converts ETH to the ERC-20 standard. wXRP would have a 1:1 exchange ratio with XRP, with custody provided by Hex
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