Wrapped Monero, brings XMR to the Ethereum network with all the flexibility of an ERC-20 token. Wrapped Monero (WXMR) is backed 1:1 by Monero and secured by BTSE.
Wrapped Monero brings greater liquidity to the Ethereum and DeFi ecosystem. It gives holders of Monero more flexibility to utilize their tokens without having to sell them for Ethereum or stablecoins, in order to access the many exciting opportunities in the DeFi space.
Additionally, Monero is a cryptocurrency with historically strong privacy features which sometimes is a disadvantage. When a user obtains Wrapped Monero, it allows them to provide the transparency necessary in a world where KYC/AML is increasingly required because Wrapped Monero has the same transparency as other ERC-20 tokens in the Ethereum blockchain.
Minting and Redemption
Wrapping your Monero is as simple as depositing XMR to BTSE, then using the “Convert” function on the Wallet screen. To unwrap, you can also use the same “Convert” function. In this way, WXMR is always backed 1:1 with XMR.
BTSE is the custodian of the Monero backing Wrapped Monero. Due to the strong privacy of Monero, “Proof of Reserves” is more complicated than with open blockchains. BTSE has been a trusted custodian since 2018 as an exchange, with experience securing many forms of cryptocurrencies and digital assets. With millions in fiat and cryptocurrencies under custody, BTSE has proven to be safe and reliable. BTSE will maintain the custody of XMR from beginning to end through the minting and redemption process and will publish regular cryptographic proof of reserves.
Wrapped Monero and BTSE
BTSE is committed to bringing users the best in crypto. We believe Wrapped Monero will contribute in a big way to something that was created by us but will extend to the whole DeFi community. We are excited to be part of the innovation and exploration of decentralized finance and to give Monero users the ability to use their coins on the Ethereum network.
Wrapped Monero WXMR contract: 0x465e07d6028830124be2e4aa551fbe12805db0f5
Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at firstname.lastname@example.org or on Twitter @BTSE_Official.
Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.