Gemini Exchange Building 'Wrapped Filecoin' for the Ethereum Network

Gemini is calling on developers who want to assist the effort to bring the FIL token to Ethereum.

AccessTimeIconNov 10, 2020 at 1:56 p.m. UTC
Updated Sep 14, 2021 at 10:29 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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complete, users will be able to convert FIL stored in their exchange accounts to wFIL at a 1:1 ratio, which can then be withdrawn to any Ethereum address.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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.