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Bitstamp Introduces EUR-Backed IOU on The XRPL with Xumm Wallet Integration

Leading centralized crypto exchange Bitstamp has launched EUR-backed IOUs on the XRP Ledger.

The move will allow Bitstamp customers to use the XRP Ledger’s fast and cheap transaction processing to move EUR while giving them access to its DeFi ecosystem. Notably, it will function like a stablecoin, providing an on/off-ramp to the XRP-Ledger’s decentralized finance (DeFi) ecosystem.

Bitstamp touts its IOUs hosted on the XRPL as secure, cost-effective, and reliable. Additionally, it touts its service as transparent, with funds stored with custody partners like BitGo. According to the crypto exchange, users can rest assured that its IOUs are subject to the same internal controls and external audits that underpin all its other services.

(By OKOYA DAVID)

Bitstamp DeFi
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