Anchorage, a company that aims to help institutional investors with adopting digital assets, has partnered with Tokensoft to bring wrapped Filecoin (wFIL) to the Ethereum (ETH) blockchain.
Diogo Mónica, Co-Founder and President at Anchorage, states that his organization is looking forward to welcoming wrapped Filecoin (wFIL) to the (decentralized finance) DeFi and broader Ethereum-powered ecosystems.
Mónica writes in a blog post:
“Through Wrapped, Anchorage and Tokensoft are working together to bridge layer one protocols with Ethereum, bringing an increasing amount of liquidity to the space and improving the utility of assets on non-native blockchains, all while giving network participants continued exposure to the underlying asset itself.”
Mónica added that Anchorage is pleased to provide a solution that brings yet another way for institutions to securely take part in the crypto-asset space. He also mentioned that he’s excited for wrapped Filecoin to join Anchorage’s growing list of wrapped layer-one digital assets.
Colin Evran, Head of Ecosystem for the Filecoin initiative, said that wrapped Filecoin will be able to support “really creative” DeFi products or services that can potentially lead to “huge opportunities” for Filecoin miners and storage users. (Note: Filecoin recently reported 1 billion GB in storage capacity.)
Evran added that his organization has seen a lot of innovation every day from many individuals and institutions interested in “decentralized” storage systems. Evran also said that he’s looking forward to seeing what happens “once the deep DeFi talent pool can join in.”
As mentioned in the announcement:
“Institutions increasingly want more and better ways to put their assets to work. They want access to DeFi applications like lending and borrowing with Filecoin, with Zcash — with all of their layer one assets. And they want to maintain exposure to those assets at the same time. Wrapped lets them do that. From a technical standpoint, wrapped Filecoin relies on Tokensoft’s ERC-20 standard, which allows for the utility of assets on numerous additional protocols while also ensuring compliance with applicable requirements.”
Wrapped Filecoin lets investors take part in a growing list of decentralized applications (dApps) — from Compound to Maker to Uniswap — all while having exposure to Filecoin as well. Currently, there are pools of wFIL on Uniswap, Sushiswap, and Mooniswap. There’s also reportedly a Maker DAO collateral proposal that has been submitted for wFIL.
Ryan Salame from Alameda Research stated:
“We’re seeing huge demand from clients to be able to use their assets to capitalize on opportunities in the DeFi space. Wrapped Filecoin feeds directly into that demand.”
Institutional demand for Filecoin has been fairly high. FIL tokens currently have a market cap of around $800 million with Filecoin expected to serve as a provider of liquidity to the DeFi and larger Ethereum ecosystems in its wrapped form.