Altcoins News
By Dan Saada
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Monero (XMR) on Exchanges Delisting and After Effects
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Wrapped Monero is making it to the cryptocurrency space at a point in time when some of the exchanges are delisting and cracking down on privacy coins.
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Privacy coins cryptocurrencies which allow the users to gain total anonymity while making the blockchain transactions.
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Wrapped cryptocurrencies on the Ethereum network are ERC-20 tokens which represents the wrapped token on the Ethereum Network.
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An ERC-20 token which represents Monero (XMR) is now launched in the Ethereum network by BTSE. The ticker symbol for Wrapped Monero is WXMR.
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Several stable coins have had trouble being transparent about the reserve back up for their pegged assets; however, wrapped tokens are able to ensure and prove their reserves.
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BTSE is a cryptocurrency exchange which combines all fiat, crypto, and stablecoin pairs in one order book. BTSE will have custody of the WXMR.
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This move brings in the possibility of adding WXMR to decentralized exchanges (DEXes) like Uniswap and 1inch.
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It is important to recollect that BitTrex announced their delisting of Monero (XMR), Zcash (ZEC) and dash (DASH).
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The coming of WXMR is an exciting move because several exchanges who delisted privacy coins will now be able to consider these coins in listing in a wrapped format as the wrapped…
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Riccardo Spagni tweeted: “Hey @BittrexExchange @BittrexGlobal @BittrexUS are you going to list wXMR? It's traceable, so you should have no problem listing it.”
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When some of the users who were concerned about the whole purpose of privacy coins getting defeated this way expressed their concern.
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Riccardo Spagni tweeted: “How so? You can go wXMR -> XMR and it's indistinguishable from buying XMR directly through a KYC'd exchange.
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So, the Privacy coin is now wrapped in Traceability to Sustain Privacy.
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Some of the XMR fans are not happy about such explanations and they are wondering if they are giving up their privacy features.
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