Expanding on the partnership, Anchorage and Tokensoft have announced two new assets for the broader blockchain ecosystem of Ethereum. Designated Wrapped CELO (wCELO) and cUSD (wCUSD), these assets will help the companies expand their partnership while leveraging on the growing number of opportunities in the field of decentralized finance. Importantly, these new assets will make it easy for financial institutions to participate in the segment of decentralized finance. In turn, this will help the cryptocurrency domain expand its reach and influence among target customer segments. These newly announced assets will allow financial institutions to utilize their assets in various ways using the different decentralized applications – and that too without yielding their exposure to assets.
Expressing happiness over this new development, Will Warren, the Co-Founder and Chief Executive Officer at Ox, said that they had been waiting for the secure tokenization service for the cryptocurrency and felt happy that Anchorage and Tokensoft had decided to come together for this new initiative.
This new development is expected to yield a positive impact on the stability of the market. Elaborating, in this regard, hummingbot.io.’s Co-founder and CEO, Michael Feng, said that wCELO equipped users with the convenience of liquidating resources across exchanges, thereby enhancing the stability and efficiency of markets. Wrapped assets rely on standards of ERC-20 adopted by Tokensoft, which means they can be used across multiple protocols without having an issue of compliance and compatibility.
Given the growth scenario in the decentralized finance space, which has witnessed locking of more than $14 billion, Anchorage and Tokensoft are looking forward to further expanding their partnership. The association is expected to grow stronger and, in the future, we are likely to see more such assets coming our way in the decentralized finance segment.