Gemini to launch Wrapped Filecoin token on Ethereum

The cryptocurrency exchange Gemini, owned by the Winklevoss brothers, has begun developing a service for holders of the Filecoin (FIL) token on the decentralized storage network. With the new solution, they will be able to use FIL on the Ethereum blockchain.

Are you interested in adding $WFIL to your products or platforms? If so, we want to hear from you!

Gemini is in the process of developing a Wrapped Filecoin service so that Filecoin $FIL can be used on the #Ethereum network.

Learn more on our blog: https://t.co/QGelaakEbJ

— Gemini (@Gemini) November 9, 2020

Users will convert FIL into a wrapped token, Wrapped Filecoin (wFIL), at a 1:1 ratio. The asset can be exchanged back or withdrawn to any Ethereum address.

Representatives of the exchange noted that all FIL tokens will be held in Gemini’s custody with “full transparency”.

“Users can verify that the amount of FIL held by the exchange is equal to the total amount of wFIL in circulation,” the statement said.

Earlier, Gemini announced that it had become the first regulated trading platform with support for withdrawals via the privacy-focused cryptocurrency Zcash.

The Filecoin mainnet launched on October 15. The next day, the Chinese portal 8btc reported a “strike” by miners unhappy with the project’s economic model.

Earlier, on October 23, developers activated the FIP-004 proposal on block 170,000. The update allowed miners to receive 25% of the block reward immediately after its mining.

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