The Gemini cryptocurrency exchange is developing its own version of a Wrapped Filecoin (wFIL) service so that Filecoin (FIL) can be used on the Ethereum network, the exchange announced in an official blog post.
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The new service will allow users to trade FIL in their Gemini account 1: 1 to wFIL (and vice versa) and withdraw it to any Ethereum address. All tokens will be stored in the Gemini keeper with transparency so that users can verify that the amount of FIL we have is equal to the wFIL currently in circulation.
“We are looking to work with Ethereum developers interested in adding wFIL to their products and platforms who would like to offer wFIL to their customers”, Gemini said.
Filecoin is the native token of the Filecoin blockchain network. With FIL tokens, users can purchase storage space and retrieve files from the Filecoin network. Filecoin miners also receive tokens for file storage and service verification via cryptographic evidence.
In early October, ConsenSys partnered with Protocol Labs to integrate Filecoin for data storage and retrieval with Ethereum.
With the partnership, Filecoin cryptocurrency miners and developers can access the Ethereum framework to integrate with the Ethereum ecosystem.
Meanwhile, Gemini is also integrating a technology from TaxBit’s Tax Center Suite to automate taxes for its clients, who trade cryptocurrencies. From now on, Gemini users in the United States can download a full tax report for a variety of tax return software or deliver it to an accountant in the same format required by the United States Internal Revenue Service (IRS).
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