RAMP wants to add new services and opportunities for its users. It announced a collaboration with StakeHound and NEM Group to integrate stXEM as yield-bearing collateral in the rUSD framework. The collaboration focuses on increasing the chance and opportunities for stXEM users. It helps all of the three collaborators effectively in improving the user-base and finding new users.
Bigger Opportunities for XEM
With a market cap of about 2.5 billion, XEM is one of the greatest cryptocurrencies in the market. NEM Group, the biggest supporter of XEM and NEM blockchain, wants to expand its use-cases in partnership with other blockchains like RAMP and StakeHound.
The first move in this effort was launching stXEM. stXEM is a wrapped version of XEM that can be used on Ethereum. It means XEM users can benefit from their tokens on DeFi platforms that work on Ethereum, too. Another important piece of news from the NEM group is the launch of the Symbol blockchain. All of this news and collaborations help NEM find more customers.
RAMP says that [ernership with NEM Group is not limited to the current news. It will support stXEM token at the time of launch, too.
StakeHound has a vital role in the recent partnership. This platform wraps assets into staked tokens. In other words, tokens will be converted to wrapped tokens that can be supported on different platforms. StakeHound world with Copper as the asset custodian to create wrapped tokens. It launched stXEM in December 2020. Concerning stXEM and XEM tokens is fully supported on the StakeHound website.
RAMP, by collaborating with StakeHound and NEM Group, plans to integrate stXEM in its rUSD framework. It says about the benefit of this collaboration:
“The RAMP liquidity unlocking solution is extremely flexible in its use case. Assets can both be wrapped and delegated into staking via smart contracts created by the RAMP team or through partners such as NEM/StakeHound. Such collaborative partnerships mean that RAMP can easily work with other protocols that focus on wrapping assets, as long as the wrapped assets are yield-bearing in nature.”
The partnership between blockchains helps them combine user-bases. Besides, developing a token may not have the required benefit for a blockchain. The collaboration with StakeHound and NEM has this kind of benefit for RAMP. Working with partners helps the RAMP ecosystem grow faster. In other words, they don’t need to develop assets in-house and can benefit from development on different platforms.