Wrapped Monero Made Available Amid Stricter Scrutiny On Privacy Coins

By Shannon Wilson | January 16, 2021

Crypto custodian BTSE has reportedly made an ERC-20 token representative of Monero (XRP) available across the Ethereum blockchain.

Specifically, the new wrapped XMR privacy coin will reportedly offer investors an enhanced level of exposure to the privacy-centric coin. 

Wrapped Monero – having the ticker symbol WXMR to represent – reportedly has a primary goal of establishing an enhanced level of liquidity to the DeFi ecosystem. The new asset receives full support from Monero, pegged at a 1:1 ratio, with BTSE securing also. 

WXMR is reportedly advertised to “give 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”, per BTSE. 

Despite the authorities reportedly displaying a rising pro-attitude towards crypto assets, nominally Bitcoin (BTC) and Ether (ETH), they have been placing stricter scrutiny upon privacy coins, such as XMR and Zcash (ZEC).

Amid the situation, BTSE reportedly remarked that Monero’s top advantage – strong privacy features – is from time to time considered a setback. Via having Wrapped Monero in possession, users can reportedly offer the required level of transparency to meet KYC/AML requirements, which are rising, in terms of their omnipresence across crypto trading. 

“It does not betray the privacy of Monero, because this is an optional way for users to unlock liquidity without selling their Monero.” BTSE further elaborated, regarding negative feedback claiming a wrapped version of Monero negates its privacy use case. 

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