Crypto custodian BTSE has launched an ERC-20 token that represents Monero (XMR) on the Ethereum blockchain, giving investors new exposure to the privacy-centric coin.
Represented by the ticker symbol WXMR, Wrapped Monero is intended to bring greater liquidity to the DeFi ecosystem. The new asset is fully backed by Monero at a ratio of one-to-one and is secured by BTSE.
In a press release that was shared with Cointelegraph, BTSE said WXMR “gives holders of Monero more flexibility to utilize their tokens without having to sell it for Ethereum or stablecoins, in order to access the many exciting opportunities in the DeFi space.”
Monero represents one of crypto’s most compelling use cases and its proponents view XMR as fulfilling one of the core tenants of decentralized networks: privacy guarantees.