A token wrapping service for the Cardano blockchain, beginning by offering wrapping of some of the largest and most popular crypto assets.
The goal is that, within the first year of operation, Wrap Assets will offer wrapping services on the Cardano Blockchain for:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Uniswap (UNI)
- Polkadot (DOT)
Following on from the successful deployment of wrapping these assets Wrap Assets plans to expand their catalog into other popular assets including those outside of the digital sphere; described as physical assets.
One of the current benefits of wrapped assets is that they can be moved around much faster, and cheaper on Cardano than their physical counterparts, or their digital counterparts on other chains.
Assets are backed 1:1 on the platform and are kept by an institutional custodian once the platform has finished the wrapping process and issued the token. The two custodians currently noted in the Whitepaper are Coinbase and Celsius.
To create the wrapped token a user needs to complete the level of KYC required by the jurisdiction they’re located in. To trade the token back in for the asset it is not stated if the user is required to complete KYC or not but it should be expected that the same rules will apply to them.
Apps for both Android and iOS will be created, along with a web application, to facilitate the ease of access to the service.
In the future there will also be a public API available for third party integration.
For both the wrapping and unwrapping of assets a 0.5% fee is charged. The fee is derived from the total price of the asset being wrapped or unwrapped.
Professional clients can enter into a tiered pricing structure to receive discount on the wrapping and unwrapping of token.
Wrapped Assets plan to distribute a Cardano Native Token, WA Token, through crowd sale in the near future. This token will be for staking and locking on the platform, where users who do so will receive a percentage of profits disbursed in amounts proportional to the tokens staked as a percentage of the total supply of WA tokens.
Token holder’s opinions will be listened to regarding future listing of assets but they’re not binding and are “intended to be used simply to inform decision making by the WrapAssets Team.”