21.co, the parent company of crypto ETP provider 21Shares, has announced the launch of its Wrapped Bitcoin (21BTC) on the Ethereum blockchain.
Launch Details
In a press release dated September 3, the company stated that the latest product is launched in partnership with Flow Traders, one of the world's largest market makers. Unlike traditional 'lock-and-mint' methods, 21.co emphasizes that it stores the underlying assets in cold storage without the need for a bridge.
Wrapped Tokens Features
Wrapped tokens are digital assets that represent a cryptocurrency from one blockchain on another blockchain. They are typically backed one-to-one by the original asset and allow users to utilize the value of the original cryptocurrency on different blockchain networks, increasing liquidity and enabling cross-chain transactions. For example, Wrapped Bitcoin allows BTC holders to use the cryptocurrency within the Ethereum ecosystem for decentralized finance activities.
History and Future Plans
In addition to Wrapped Bitcoin, 21.co also boasts a set of other wrapped tokens, including for Binance Coin (BNB), XRP, Avalanche (AVAX), and others. These wrapped tokens are built on Onyx, 21.co’s proprietary digital asset lifecycle platform, which has facilitated the creation and redemption of over $6.7 billion in crypto-backed products. The latest addition comes just a few months after in May, 21.co launched 21BTC on Solana, offering users native access to Bitcoin on the Solana network.
The launch of Wrapped Bitcoin on the Ethereum blockchain represents a significant step for 21.co, providing customers with new opportunities to use cryptocurrencies while maintaining the security of assets in cold storage.
Comments