The Ethereum network has welcomed a wrapped version of Monero (XMR), a privacy token sought among consumers for its anonymity solutions.
The wrapped variation of the ERC-20 token was launched by BTSE, a popular crypto custodian.
The token operates under the WXMR ticker, which stands for Wrapped Monero and is traded at a one-for-one ratio with XMR.
According to Monero, the new version “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 is still a popular choice for consumers, although Bitcoin and Ethereum seem to be leading the way with institutional investors showing renewed interest in the tokens, and most recently, PayPal announcing that it would allow consumers to trade and make purchases in numerous crypto tokens.
While Monero relies on strong privacy to make its case, this may do it more harm than it does it good.
Put another way, lack of KYC and AML is good for consumers, but it attracts more government scrutiny, which translates into tougher actions against the currency in the first place, and its dubious adoption in the long-term.
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