‘Wrapped’ XRP is coming to the Ethereum (ETH) blockchain

The transaction confirmation waits for 95% of the blocks before it is finalized, which means time will have to run out. This approach has its pros and cons for different groups of people – investors are happy because there’s a limited supply (and high value) but miners find this design frustrating as they’re required to wait longer than normal.

“Wrapped” XRP is coming to the Ethereum (ETH) blockchain. There are many benefits that come with this move, such as cheaper transactions and faster confirmation times.

According to Wrapped.com, a cross-chain wrapped assets service provider, we may expect to see Wrapped XRP (wXRP) on the Ethereum blockchain by the end of the year if all goes according to plan.

By December, XRP will be on the Ethereum blockchain.

The Wrapped XRP (wXRP) will be backed 1:1 by XRP, with Hex Trust providing custodial services for this asset class, according to the release.

Wrapped tokens are crypto assets that are housed on a separate blockchain from the one on which they were created, and have a price that is linked to the underlying asset. Wrapped Bitcoin (wBTC), for example, is Bitcoin hosted on the Ethereum blockchain.

XRP holders will now be able to take use of DeFi features such as smart contract borrowing and lending, as well as altcoin exchanging, by using their native XRP currency in their ETH wallets. This is a step up from their existing XRP execution rights, which are limited to sending, receiving, and holding. 

Monica Long, the general manager of RippleX, commented on this, saying, “This is wonderful not just for XRP utility and liquidity (additional applications and use cases), but also for interchain operability.” ETH and BTC are now available on XRPL through @gatehub, and additional tokens will be added in the future.”

Despite a legal dispute, Ripple is growing.

Despite its continuing legal fights with the Securities and Exchange Commission (SEC), Ripple, the parent firm of the XRP coin, claimed in its recent report that demand for its on-demand liquidity was “unprecedented” (ODL).

The ODL is a cross-border payment system that leverages XRP to act as a currency bridge. The ODL experienced a 130 percent increase in transactions, while RippleNet had its transaction volume double in the previous year, according to the research.

Ripple said that traders spent $491 million on the XRP coin in the third quarter of 2021, up from $157.9 million in the second quarter of the year. The rise in the adoption rate of the ODL was credited for the increase in sales.

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The “wrapped xrp bsc” is a new token that will be released on the Ethereum blockchain. The token has been described as a “bridge between digital assets and fiat.”

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