Gemini Develops Wrapped Filecoin for Ethereum Blockchain
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Nov. 10, 2020
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Cryptocurrency exchange Gemini is developing its own version of a Wrapped Filecoin (wFIL) service so that Filecoin (FIL) can be used on the Ethereum network, the exchange announced in an official blog post.

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The new service will allow users to exchange FIL in their Gemini account 1:1 into wFIL (and vice versa) and withdraw it to any Ethereum address. All the tokens will be stored in Gemini's custodian with transparency so that users can verify that the amount of FIL we hold is equal to the wFIL currently in circulation.

"We are looking to work with Ethereum developers interested in adding wFIL to their products, and platforms that would like to offer wFIL to their customers," Gemini said.

Filecoin is the native token of the Filecoin blockchain network. With the FIL tokens, users can purchase storage space on, and retrieve files from the Filecoin Network. Filecoin's miners also receive the tokens for storing files and verifying services via cryptographic proofs.

Earlier in October, ​ConsenSys entered into a partnership with Protocol Labs​ to integrate Filecoin for data storage and retrieval with Ethereum.

With the partnership, Filecoin cryptocurrency miners and developers can access Ethereum framework to integrate with Ethereum’s ecosystem.

Filecoin Faces Miners' Pressure as Over 1M FIL Tokens Dumped on Exchanges

Meanwhile, Gemini is also integrating a technology by TaxBit’s Tax Center Suite to automate taxes for its clients, who trade cryptocurrencies. From now on, Gemini's users in the US can download a completed tax report for a variety of tax filing software or handed over to an accountant in the same format that the US Internal Revenue Service (IRS) requires.

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