Tokensoft and Anchorage Launch Wrapped Cash (WEEK) on Ethereum with KY Support

Tokensoft and Anchorage Launch Wrapped Cash (WEEK) on Ethereum with KY Support

Tokensoft and the Anchorage custodial service have launched a tokenized version of the anonymous Zcash cryptocurrency-Wrapped Zcash (WZEC) – for use in the Ethereum ecosystem.

Tokensoft management will develop WZEC on the Ethereum network, and Anchorage will store assets. WZEC will be linked to the Zcash asset in a ratio of 1:1. The new crypto asset uses a smart contract of the ERC-1404 standard, which allows compliance with international regulatory requirements. Thanks to WZEC’s presence on the Ethereum network, Zcash holders will be able to use “hidden” Zcash on the Ethereum network without violating privacy. In addition, Zcash will interact with the decentralized applications Maker, Uniswap and Compound, as well as with wallets and exchanges integrated with Ethereum.

Tokensoft CEO Mason Borda explained that Zcash users will be able to hide the amount of assets at their disposal by tokenizing assets in” hidden pools ” (shielded pools). However, users will have to go through the identity identification (KYC) procedure on the Tokensoft platform, as well as comply with the Anchorage rules. Borda added that exchanges will be able to store WZEC while complying with regulatory requirements.

Anchorage co-founder and CEO Nathan McCauley said that WZEC will add new sources of liquidity to the decentralized finance (DeFi) industry. According to McCauley, WZEC will be useful both for market participants and for the development of the Ethereum ecosystem as a whole. In the future, the firms plan to expand the list of “hidden” cryptocurrencies, including Handshake( HNS), Avalanche (AVAX) and Celo (CELO).Recall that in April, Keep Network and Summa introduced the” tokenized bitcoin ” tBTC to gain access to decentralized financing on Ethereum without the need to exchange BTC for ETH.