Ripple is trying to distance its token XRP from the noise of litigations with the US Securities and Exchange Commission (SEC). According to wrapped.com, a provider of cross-chain, wrapped assets, XRP will join the Ethereum ecosystem as Wrapped XRP (wXRP) by the end of this year.
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The company said in an announcement each wXRP will be backed 1:1 with XRP and stored by Hex Trust in its own custodian called Hex Safe. Calvin Shen, Head of Sales and Business Development at Hex Trust, says the XRP ecosystem will benefit from the tokenization:
"Wrapped tokens improve interoperability across DeFi protocols, create connections between otherwise isolated liquidity, and enable users to transact with a broader range of decentralized applications."
The move comes just a month after Ripple launched a $250 million creator fund aimed at non-fungible tokens (NFTs) based on the XRP Ledger network. The San Francisco-headquartered company said the fund will support creators, brands and marketplaces to expand the adoption of NFTs across its own network.
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