Wrapped Monero launches as exchanges crack down on privacy coins

Contents

BTSE Exchange Introduces Tokenized Monero
CONTENT

  • BTSE to become custodian of tokenized WXMR

  • Assets are tied 1: 1 to each other

  • Monero Developer Predicts Cryptocurrency Market Censorship

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The issuer of XMR tokenized assets based on the Ethereum blockchain will be the BTSE cryptocurrency exchange itself

The BTSE cryptocurrency exchange has developed a tokenized variant of Monero called Wrapped Monero (WXMR). The exchange announced this on its official website.

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The tokenized asset is pegged 1: 1 to XMR, and BTSE itself will be responsible for the technical component. With WXMR, users will be able to access decentralized finance services based on the Etherum blockchain.

Cloning trends

To receive tokenized WXMR, users just need to make a deposit in XMR on the BTSE exchange.

BTSE Exchange Introduces Tokenized Monero

In the exchange interface, users can convert assets between themselves.

BTSE Exchange Introduces Tokenized Monero

BTSE will act as WXMR’s custodian.

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Tokenization The term tokenization has been around for quite some time. In the broadest sense, a “token” is a certain unit designed to represent a certain value within…

BTSE Exchange Introduces Tokenized Monero

More has been popular in the cryptocurrency market for a long time. In October 2020 BeInCrypto editors reported, that the capitalization of bitcoin on the Ethereum blockchain has reached $ 1.5 billion. Such a high figure may indicate that the holders of tokenized bitcoin are more interested in using the native bitcoin blockchain.

According to Duna Analytics, 138,530 tokenized bitcoins (~ $ 5.3 billion) are stored on the Ethereum blockchain.

BTSE Exchange Introduces Tokenized Monero

Despite the variety of tokenized bitcoins, Wrapped Bitcoin (WBTC) continues to be the most popular.

Monero itself is going through hard times due to exchange censorship. So, for example, in early November 2020, the ShapeShift cryptocurrency exchange (which now focuses on the decentralized direction in order to get rid of supervision) removed the XMR and DASH cryptocurrencies from the listing without prior notice to users.

Monero developer Ricardo Spagni himself suggests that soon most bitcoin mining pools will be required to filter transactions due to pressure from regulators.

XMR / USDT price on moment of writing is $ 150.

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