Midas, a yield and wealth management company, has partnered with Axelar, a cross-communication entity, and Hyperithm, a digital asset management firm. The partnership is aimed at redefining yield opportunities for those holding $XRP tokens, with the launch of $mXRP. As the platform disclosed in its exclusive announcement on X, the development transforms untapped $XRP tokens into a considerable proactive asset to operate in the DeFi ecosystems. Hence, the initiative is focused on broadening $XRP’s adoption by using it in the form of collateral across diverse decentralized markets.
Midas, Hyperithm, and Axelar Roll Out $mXRP to Transform Untapped $XRP into Productive Collateral
With the release of $mXRP in collaboration with Hyperithm and Axelar, Midas intends to make idle $XRP a productive crypto asset. In this respect, the $XRP is reportedly structured through comprehensively audited smart contracts on the XRP Ledger’s Ethereum Virtual Machine. This delivers a secure and transparent yield strategy framework. Additionally, $mXRP provides the consumer with a significant exposure to yields without the need for direct management of complicated DeFi operations.
Offering New Tokenized Yield Opportunities to Fortify $XRP Adoption
According to Midas, the $mXRP offers deployment across diverse lending protocols as well as dApps within the XRPL EVM. Hence, the consumers are allowed to mint $mXRP with the deposit of $XRP collateral, getting access to substantial exposure to tokenized yield. With rising institutional interest and robust community demand, the initiative underscores a key move in making $XRP highly contributing to the wider DeFi innovation.