BTSE Lists WXMR Token
Due to the massive delisting of anonymous cryptocurrencies, a new token was added to the listing on the BTSE exchange - Wrapped Monero with the ticker WXMR. This is a stablecoin, 1:1 backed by Monero
The launched token belongs to the ERC-20 standard and is based on Ethereum. With it, cryptocurrency users can freely access Monero (XMR). WXMR is expected to increase the liquidity of the DeFi ecosystem.
Thanks to WXMR, Monero token holders won't have to swap them for Ethereum or stablecoins to access the exciting DeFi realm.
Despite the apparent regulatory excesses, anonymous coins like Monero are in constant demand. Even though they've been delinquent even on the Darknet, BTSE has given them a way to legally use them.
With Wrapped Monero, it is possible to use the anonymous coin completely transparently, which is suitable for meeting the KYC/AML requirements. It can even rise in value. This can be seen on the example of a similar token - WBTC.
Wrapped Bitcoin, used for various purposes in projects on Ethereum, is in great demand. So we can say that WXMR will lead to an additional boom in DeFi projects.