On July 19, 2017, Waves, which is one of the largest blockchain projects in Russia, announced the integration of Ethereum compatible gateways in its lite client.
Waves' decentralized peer-to-peer exchange, DEX, now features options for investors to store and trade Ether (ETH) against the US dollar, euro, and other tokens. According to an announcement made by Gleb Kostarev, PR Manager at Waves, the Ethereum gateway will operate in a manner similar to other gateways. When a user sends ETH to an address within the client, the system generates and returns a Waves ETH token that is backed by ETH on a 1:1 ratio. Waves ETH tokens can be withdrawn and exchanged for ETH at any time at the user's discretion.
While stored on the Waves blockchain, the Waves ETH tokens may also be traded for other existing Waves tokens, such as WBTC, or WAVES itself.
Sasha Ivanov, Waves CEO, acknowledged the significance of embracing ETH on Waves.
"We’re really pleased to add another gateway to the Waves client. 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."
This new trading feature on Waves gives investors yet another means to access and store value in Ether.