Summary

FinNexus partners with Bitrue to use Ripple’s XRP

Decentralized finance (DeFi) platform FinNexus announces a partnership with the cryptocurrency trading platform Bitrue to tokenize real-world assets using the Ripple (XRP) and Wanchain platform.

Bitrue is a leading cryptocurrency exchange in Europe and Asia. The Ripple friendly exchange already utilizes XRP as a base pair. The partnership between FinNexus and Bitrue will bolster Ripple (XRP) adoption.

Why Ripple

FinNexus partners with Bitrue to use Ripple’s XRP ledger and existing platform.

We could turn to a few networks to create a PCAP that could connect different digital currencies including Ripple and XRP. So we will try to use Interledger to create a payment channel for FNX. We will also use XRP Ledger to issue tokenized assets that could be exchanged by stable coins on XRP. And then we will make this function to be a part of Assets Producing Protocol and Assets Trading Protocol. Boris Yang, CEO of FinNexus (FinNexus Roadmap)

According to FinNexus’ 2020 roadmap, the XRP ledger will be used to create tokenized assets. In specific, FinNexus will utilize Ripple’s existing platform between digital assets and fiat currencies to create asset-backed tokens. By doing so, FinNexus believes they can serve an under-tapped part of the DeFi ecosystem.

Furthermore, the announcement mentions that a proof of concept via a partnership with an Asian lending platform will be released soon.

FinNexus

FinNexus is a financial hub founded by Wanchain. The DeFi project is currently building a three-layer protocol aiming to bridge the gap in decentralized finance. Using the FinNexus channel, the project aims to facilitate transactions between digital currencies and traditional assets.

CEO of FinNexus, Boris Yang, is also the co-founder of Wanchain. Founder of Wanchain, Jack Lu part of the steering committee.

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