Midas, a yield and wealth management company, has partnered with Axelar, a cross-communication entity, and Hyperithm, a digital asset management firm. The partnership is aimed at redefining yield opportunities for those holding $XRP tokens, with the launch of $mXRP. As the platform disclosed in its exclusive announcement on X, the development transforms untapped $XRP tokens into a considerable proactive asset to operate in the DeFi ecosystems. Hence, the initiative is focused on broadening $XRP’s adoption by using it in the form of collateral across diverse decentralized markets.
With the release of $mXRP in collaboration with Hyperithm and Axelar, Midas intends to make idle $XRP a productive crypto asset. In this respect, the $XRP is reportedly structured through comprehensively audited smart contracts on the XRP Ledger’s Ethereum Virtual Machine. This delivers a secure and transparent yield strategy framework. Additionally, $mXRP provides the consumer with a significant exposure to yields without the need for direct management of complicated DeFi operations.
According to Midas, the $mXRP offers deployment across diverse lending protocols as well as dApps within the XRPL EVM. Hence, the consumers are allowed to mint $mXRP with the deposit of $XRP collateral, getting access to substantial exposure to tokenized yield. With rising institutional interest and robust community demand, the initiative underscores a key move in making $XRP highly contributing to the wider DeFi innovation.
BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.
Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.