Monero (XMR) gateway opens on Waves Platform

Waves earlier today announced that a Monero (XMR) gateway has been added to the Waves Client, allowing anyone to use the popular privacy coin within the Waves network. If users want to hold their XMR in an external wallet after using Waves, simply withdraw the tokens via the gateway.

Monero is one of the foremost cryptocurrencies to offer anonymous transactions. It uses ring signatures to obscure sender and recipient, and its success has seen it rise to a current market cap of $3 billion – comparable with DASH, the other leading privacy coin.

XMR can now be deposited to a dedicated Waves gateway, where it is held on a secure server and used to back corresponding Monero tokens on the Waves blockchain at a 1:1 ratio. These Monero tokens can be stored in a hot or cold Waves wallet, sent to other users, or traded on the built-in DEX against bitcoin, WAVES or any other token in the Waves ecosystem.