Remember when crypto exchanges were strong-armed into delisting privacy coins like zcash (ZEC) in order to protect their brittle banking covenants?
But crypto keeps moving, and today ZEC is making its debut within the bustling decentralized exchange (DEX) ecosystem in the form of wrapped zcash (WZEC). Announced Wednesday, WZEC is the first asset to be launched by “Wrapped,” a partnership between Ethereum tokenizers Tokensoft and qualified custodian Anchorage, with over-the-counter (OTC) liquidity provided by CMS Holdings.
Wrapping is the act of taking a blockchain asset like bitcoin and issuing an equivalent representation on another blockchain such as Ethereum. Wrapped bitcoin (WBTC), for instance, is an ERC-20 token that’s backed on a 1:1 basis with bitcoin held in reserve by qualified custodian BitGo Trust.
