Renowned exchange Gemini is currently in the middle of launching services for its Wrapped Filecoin (wFIL) and informed that the wFIL will be made available in the world’s top blockchain – Ethereum.
A news source has confirmed that Gemini is currently in the final phase of producing its Wrapped Filecoin (wFIL).
Gemini had launched its independent decentralized storage place under the name Filecoin (FIL) for storing digital assets. It was sent online in August 2017 and in less than 30 minutes of its launch, it had made funds to the tune of US$ 200 Million.
Currently, Gemini is in the process of developing Filecoin into wFIL which it intends to integrate into Ethereum Blockchain.
Gemini, which is an entity housed in the territory of US, announced its intention on this Monday in a blog post. It told that it wanted to establish working ties with the developers of Ethereum to introduce its products in Ethereum’s network. The product was told to be the under-developed wFIL.
It was further informed that when the project will be fully developed it will allow its users to convert native FIL into wFIL. Thereafter the same can be withdrawn from any address which is available in Ethereum’s network. It was also told that the wFIL can be reverted back to their inherited status i.e. Filecoin.
Some of the Filecoin holders also responded to the blog post of Gemini and inquired about various queries. One of the Filecoin holders asked whether Gemini’s storage space will be available or not. In response, Gemini replied that the storage will remain available to every user. In addition, users can confirm the exactness of the amounts of Filecoin as well as wFIL, which had been converted.
Filecoin is one of the famous online storage space for storing the digital assets. Usually space can be purchased through the use of FIL at various online retail websites. For example the owners of Filecoin purchase space plus additional storage space from the globally popular website called Amazon.
It is said that decentralized storage models such as Gemini are more suitable than that of centralized storage places.
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