Gemini Exchange Develops Wrapped Filecoin To Use FIL On Ethereum Network

Gemini cryptocurrency exchange announced the development of the Wrapped Filecoin service (wFIL), which will allow the use of FIL tokens in the Ethereum blockchain.

The Gemini message indicates, that holders of the decentralized platform for storing data Filecoin can exchange Fil tokens on WFIL and vice versa in the ratio 1:1. Converting will be carried out on the Gemini exchange, And assets can be displayed to any address of the Ethereum.

All FIL tokens will be transparent in the castodial Gemini service for institutional investors. Users will be able to check, that the number is fil, involved in the exchange, equivalent to the total volume of wfil, in circulation.

The launch of the main Filecoin network took place 15 October. The project allows users to trade volumes for storing data using Fil cryptocurrency. "Miners" are hired to place data, receiving a reward for completing tasks. Four days after the launch of the network, the Filecoin miners began to “go-ahead” and turned off their devices due to a lack of tokens, considering the economic model of the project unfair.

Note, that against the background of protest of miners, The volume of resources for storing data on the Filecoin network
increased on 40%. To date, Filecoin is available 850 pibbytes (Commence), but 19 October this indicator was 600 Commence. The growth of resources was also affected by the updated mechanism for the distribution of remuneration. 23 October developers activated the FIP solution-004, thanks to which miners began to receive 25% Blok awards immediately after its creation.

Recall, that in September, the Gemini exchange began to officially work in the UK and opened deposits in British pounds, Having received a license to work with electronic money (EMI) from the UK financial supervision department (FCA)