Waves today is announcing two new gateways to add to the growing list of fiat and crypto-backed tokens offered within its ecosystem.
Litecoin (LTC) and Zcash (ZEC) gateways are now open and can be used to move these currencies into and out of the Waves blockchain.
Once the currencies have been confirmed as received by the gateway, the user’s wallet is credited with a Waves token that is 1:1 backed by the cryptocurrency held within the server.
Whenever a user wants to withdraw LTC or ZEC back to a local wallet, the same operation is carried out in reverse. Fees are minimal and the only delays are those required by blockchain confirmation times.
Like existing options within the Waves wallet, the gateway service is provided by Coinomat.com. Whilst AML/KYC processes need to be observed for fiat transfers, these are not required for cryptocurrencies.
“We’re really pleased to be able to announce that two more currencies are being supported within the Waves client. Litecoin and ZCash are two of the most liquid coins and very popular among traders. By providing fully backed tokens, we enable the community to trade LTC and ZEC on DEX against any other Waves tokens — continuing to increase the options for traders who no longer wish to use centralized crypto exchanges.”
In addition to the wallet updates for the new gateways, users will find their address is now also represented by a QR code within the Lite client, making it more convenient to make payments and payment requests.