{"id":2679,"date":"2021-01-06T12:29:58","date_gmt":"2021-01-06T04:29:58","guid":{"rendered":"https:\/\/blog.btse.com\/?p=2679"},"modified":"2023-03-08T10:07:39","modified_gmt":"2023-03-08T10:07:39","slug":"introducing-wrapped-monero","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/introducing-wrapped-monero\/","title":{"rendered":"Introducing Wrapped Monero"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Minting and Redemption<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Wrapping your Monero is as simple as depositing XMR to BTSE, then using the \u201cConvert\u201d function on the Wallet screen. To unwrap, you can also use the same \u201cConvert\u201d function. In this way, WXMR is always backed 1:1 with XMR.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTSE is the custodian of the Monero backing Wrapped Monero. Due to the strong privacy of Monero, \u201cProof of Reserves\u201d 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Wrapped Monero and BTSE\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p>Wrapped Monero WXMR contract: 0x465e07d6028830124be2e4aa551fbe12805db0f5<\/p>\n<p>Uniswap: https:\/\/info.uniswap.org\/token\/0x465e07d6028830124be2e4aa551fbe12805db0f5<\/p>\n<p>&nbsp;<\/p>\n<div>\n<hr \/>\n<\/div>\n<p><em>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\u00a0feedback@btse.com or on Twitter @BTSE_Official.<\/em><\/p>\n<p><em>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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Introducing Wrapped Monero &#8212; BTSE Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.btse.com\/blog\/introducing-wrapped-monero\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Introducing Wrapped Monero\" \/>\n<meta property=\"og:description\" content=\"Wrapped Monero, brings XMR to the Ethereum network with all the flexibility of an ERC-20 token. 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