Hex Trust Launches Wrapped XRP for Institutional DeFi Access

Hex Trust, a regulated digital asset custodian, has launched wrapped XRP, known as wXRP or FXRP. This service caters to institutional clients, allowing minting and redemption on EVM-compatible chains while maintaining a 1:1 backing with native XRP.

The launch includes key players such as Giorgia Pellizzari and Alessio Quaglini. They emphasized the expansion of XRP liquidity and regulated custody as pivotal to advancing digital assets in regions like Hong Kong.

The introduction of wXRP is expected to enhance liquidity in the broader cryptocurrency ecosystem, including DeFi applications. Institutions gain access to increased XRP liquidity and greater cross-chain utility involving RLUSD.

Financially, wXRP launches with over $100 million in Total Value Locked (TVL), indicating strong initial liquidity. The service provides crucial pathways for staking, lending, and incorporating XRP in new investment strategies.

Industry observers are noting the strategic significance of wXRP in integrating XRP with Ethereum  ETH -13.29% and other chains. This reflects a broader trend towards enhancing interoperability across cryptocurrency networks.

Technological advancements from this launch may influence future digital asset infrastructure. While on-chain data metrics remain unreported, historical trends suggest potential growth in DeFi participation and XRP market integration.

“With wXRP, we are expanding XRP liquidity in DeFi and cross-chain networks including broader utility between XRP and RLUSD.” — Giorgia Pellizzari, CPO and Head of Custody, Hex Trust