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Wrapped BTC, ETH Coming to Kadena's Decentralized Exchange
Tokensoft is wrapping bitcoin and ether so traders can access them on any one of Kadena’s chains.
Updated Sep 14, 2021, 12:16 p.m. Published Feb 24, 2021, 2:00 p.m.
Tokensoft is bringing its Wrapped project to the Kadena network – starting with tokenized versions of bitcoin and ether.
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Wrapped was launched in October 2020 with wrapped zcash (WZEC), bringing the privacy coin onto Ethereum and into the world of decentralized finance (DeFi). Tokensoft adapted the playbook of BitGo following the runaway success of the crypto custodian’s wrapped bitcoin (WBTC) token. (Anchorage, the custodian turned crypto bank, holds wrapped assets on Tokensoft’s behalf.)
Wrapped versions of bitcoin and ether on Kadena are meant to kick-start use cases for Kadena’s multi-protocol decentralized exchange (DEX), Kadenaswap.
“A lot of DEXs focus on the highest possible liquidity and these are obviously very liquid tokens,” said Kadena CEO Stuart Popejoy.
See also: Wrapped Bitcoin ‘Burns’ Outpaced Minting for the First Time in December
As for Tokensoft, CEO Mason Borda said Kadena could act as a “high-throughput settlement layer” for wrapped assets.
“What we really liked about Kadena is just the multi-chain [structure] which allows it to be very high throughput,” Borda said. “It is also acting as a hub between different blockchains.”
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