Wrapped XRP (wXRP) will be supported on the Ethereum blockchain from December, according to an Oct. 31 announcement by Wrapped.com, a cross-chain wrapped assets provider.
- Wrapped XRP will be backed 1:1 with XRP — the native cryptocurrency of the XRP Ledger (XRPL) — and held in custody with Hong Kong-based licensed digital asset custodian Hex Trust. Users will be able to use wXRP in their Ethereum wallets, DeFi and smart contracts, said David Schwartz, Ripple CTO, in a Nov. 2 tweet. “It’s a multichain [world] after all.” This was echoed by Monica Long, general manager of RippleX at Ripple, who tweeted: “This is great not only for XRP utility and liquidity (more apps and use cases) but also for interchain operability. ETH and BTC are already on XRPL via @gatehub, and we’ll see more tokens on XRPL.”
