Ethereum – Anchorage Groups Up with Tokensoft to Introduce Wrapped CELO (wCELO), cUSD (wCUSD) to the DeFi Area
Diogo Mónica, Anchorage President and co-founder, has confirmed that Anchorage and Tokensoft are introducing two belongings to the (decentralized finance) DeFi and bigger Ethereum ecosystem. They embrace Wrapped CELO (wCELO) and cUSD (wCUSD).
As talked about within the announcement:
“Through Wrapped, institutions get easy, secure DeFi participation with a growing number of layer one protocols, while maintaining exposure to those protocols themselves. We’re proud to facilitate easy institutional participation in the DeFi space, and are happy to count wCELO and wCUSD among a growing number of wrapped assets.”
Marek Olszewski, Celo Co-Founder and Companion, Engineering at cLabs, defined that cUSD is a “decentralized” stablecoin with greater than $250 million in locked value backing it, in the meantime CELO, with a “fully diluted” market cap of greater than $1.5 billion, serves as a reserve asset and the governance token that permits token holders to “determine the economics of the Celo platform.”
Olszewski added that the Celo protocol was developed as “a quicker, extra scalable ‘side chain’ of Ethereum.” He additionally talked about that “now, with wCELO and wCUSD, there’s a easy, safe bridge to Ethereum’s DeFi ecosystem.”
Like wrapped Filecoin (wFIL) and wrapped Zcash (wZEC), wCELO and wCUSD present new or other ways for establishments to make use of their digital belongings in a big and rising checklist of decentralized functions (dApps) — from Compound to Maker to Matcha to Uniswap — “all without giving up exposure to CELO or cUSD,” the announcement famous.
Will Warren, Co-Founder and CEO at 0x, remarked:
“We’ve been waiting for an easy and secure crypto tokenization service to come to market. We’re thrilled to see Tokensoft and Anchorage partnering to make this kind of service a reality, and we’re excited to have wCELO and wCUSD on Matcha.”
Michael Feng, Co-Founder and CEO of hummingbot.io., mentioned that constructing extra environment friendly and clear monetary methods is their aim at Hummingbot.
“wCELO allows users to arbitrage CELO on Uniswap versus any other exchange that we support. Ultimately, this benefits the ecosystem by enhancing cross-venue liquidity, which in turn improves market efficiency and stability.”
Wrapped digital belongings reminiscent of wCELO and wCUSD rely on Tokensoft’s ERC-20 compliant token normal, which “allows for ease of use across numerous protocols while also ensuring compliance with applicable requirements,” the announcement famous.
Anchorage and Tokensoft goal to assist a rising variety of belongings within the DeFi house. There’s at present over $14 billion in value locked throughout numerous DeFi platforms. It’s anticipated that the demand for publicity to those belongings will develop significantly within the coming years.