Waves has already launched Bitcoin, USD and EUR gateways, now the platform has implemented an Ether gateway within the lite client for improved decentralized trading. Waves says the gateway will enable users to store ETH and trade it against other tokens on the Decentralized Exchange or DEX.
Waves Platform is a marketplace for launching crowdfunding campaigns and issuing digital assets or tokens using the Blockchain. It is the largest blockchain project to originate from Russia.
The Ethereum gateway will work in a similar way to the existing Bitcoin gateway: users will send ETH to the given address within the client and will receive a Waves token in return. Waves states these tokens will be backed 1:1 with Ether, and can be withdrawn and exchanged for ETH at any time.
While these assets remain in the Waves blockchain ecosystem, the Waves ETH tokens can be stored and transferred with the speed of the Waves network. Waves says it will be possible to trade them against other Waves tokens – including WBTC and WAVES itself. This means that users will be able to trade ETH peer-to-peer on DEX, against BTC, WAVES, USD and EUR, as well as any other token, etc.
“We’re really pleased to add another gateway to the Waves client,” commented Sasha Ivanov, Waves CEO. “Ethereum is the foremost blockchain platform after bitcoin itself, and it’s important to be able to offer users the opportunity to trade ETH on a decentralised exchange. In due course we’ll be adding more coin gateways, broadening our appeal and allowing not only trading but Waves crowdsales that collect a whole range of cryptocurrencies directly.”