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$XRP Joins World of DeFi Thanks to Wanchain’s Cross-Chain Bridges, XRP Breaks $1.61

$XRP Joins World of DeFi Thanks to Wanchain's Cross-Chain Bridges, XRP Breaks $1.61


On Monday (April 12), the Wanchain team announced that now “XRP token holders can put their XRP to work and engage with the world’s many DeFi applications.”

Wanchain is a blockchain interoperability platform. Since “Wan” means “ten thousand” in Chinese, the brand name “Wanchain” translates to “ten thousand blockchains”. This makes sense when you consider that the goal of Wanchain is to connect “the world’s many isolated blockchains.”

Here is a brief description of Wanchain:

Wanchain is a public blockchain with support for the development of smart contracts using Solidity. Wanchain supports ring signature based private transactions and decentralized cross chain functionality. Wanchain’s Storeman node system uniquely combines secure multiparty computation, atomic swaps, threshold secret sharing, and decentralized account management to implement a decentralized cross chain solution.

A developer can write smart contracts, build a DAPP or issue a fungible/non-fungible token on wanchain. Through Wanchain’s cross chain features, it is possible for any blockchain’s assets to be connected with and circulate on Wanchain. This includes assets from public, private, as well as consortium chains.

Temujin Louie, Directory of Marketing at Wanchain, said in a blog post published on April that “cross-chain bridges connecting XRP Ledger, Wanchain and Ethereum are live and operational on each network’s mainnet.” This means that XRP holders can now “securely use their XRP to farm, mine and provide liquidity rather than simply leaving their tokens, inactive, in wallets and exchanges.”

Matt Hamilton, Director of Developer Relations at RippleX, said yesterday that he will be having a live chat — on the RippleX Developer Twitch stream — with Wanchain Founder and CEO Jack Lu later today (11:00 PST or 19:00 UTC on April 13).




And on April 14, crypto analyst “CryptoEri” (@sentosumosaba on Twitter), who is one of the top XRP influencers and the host of the very popular “CryptoEri” YouTube channel, will be interviewing the Wanchain CEO.

News of XRP’s integration with Wanchain seems to have helped XRP continue an impressive rally that has seen the XRP price rise over 633% (against USD) so far in 2021.

Data by TradingView indicates that the XRP price reached $1.6112 at 07:05 UTC on April 13, which is currently the intraday high. This is the highest price that XRP has had since January 2018.

One interesting piece of XRP-related news that did not get much as much coverage last week as the two small victories of Ripple’s legal defense team against the U.S. SEC was the announcement by Canadian company Matrix Mortgage Global, which said that XRP is one of the cryptoassets that the firm is accepting for “payment of goods and services including Mortgage Agent Registration cost using BitPay.”

Shawn Allen, Founder at Matrix Mortgage Global, had this to say:

As an innovator in the mortgage industry, we decided to accept cryptocurrency to better align ourselves with the shift towards the global adoption of digital currency. Blockchain technology with the use of Smart Contracts is going to change the way mortgages are processed.

Featured Image by “Free-Photos” via Pixabay.com

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.





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