Cryptocurrency exchange Gemini is developing a “Wrapped Filecoin” (wFIL) service enabling the decentralized storage platform’s native token (FIL) to be used on the Ethereum network.
- In a company blog post on Monday, U.S.-based Gemini said it was on the hunt to work with Ethereum developers wishing to add wFIL to their own products and platforms.
- Once complete, users will be able to convert FIL stored in their exchange accounts to wFIL at a 1:1 ratio, which can then be withdrawn to any Ethereum address. The wrapped token can also be exchanged back to FIL.
- Gemini said FIL tokens will be held in Gemini's storage solution with "full transparency," meaning users can verify the amount of FIL the exchange holds is equal to the total wFIL in current circulation.
- The Filecoin network is a decentralized alternative to platforms like Amazon Web Services on which users can use FIL to purchase storage space via an open market.
- In 2017, the open-source project raised $257 million in a two-stage token offering of 200 million FIL.
- The "decentralized model offers a compelling alternative to existing centralized cloud storage offerings," Gemini's post reads.