cryptocurrency exchange BTSE unveils tokenized Monero
The issuer of tokenized XMR devices based on the Ethereum blockchain will be the cryptocurrency exchange BTSE itself.
The cryptocurrency exchange BTSE has developed a tokenized version of Monero called Wrapped Monero (W X M R). The exchange announced this on its official website.
The tokenized device is connected to XMR at a 1 : 1 ratio, and BTSE itself will be responsible for the technical component. WXMR allows users to access decentralized financial services based on the Etherum blockchain.
To get tokenized WXMR, users only need to pay XMR at the BTSE hub. In the interface, users can convert devices between themselves. BTSE acts as the custodian of the WXMR.
Tokenization has long been popular in the cryptocurrency market. In October 2020, the BeInCrypto editorial board reported that bitcoin capitalization in the Ethereum blockchain reached $1.5 billion. This high data may indicate that holders of tokenized bitcoins are more interested in using their own bitcoin blockchain.
According to the Danube Analytics source, 138,530 tokenized bitcoins (~$ 5.3 billion) are stored on the Ethereum blockchain network. Despite the variety of tokenized bitcoins, Wrapped Bitcoin (WBTC) remains the most popular.
Monero itself is experiencing bad times because of the exchange community. For example, in early November 2020, the cryptocurrency exchange ShapeShift (which is now focusing on decentralization to get rid of oversight) removed the cryptocurrencies XMR and DASH from its list without prior notice to users.
Ricardo Spagni, a Monero developer himself, suggests that the pressure from regulators will soon require more bitcoin mining shares to filter transactions.