21.co, the parent company of 21Shares, uses Chainlink Proof-of-Reserve to make its wrapped Bitcoin more transparent.
21.co plans to utilize Chainlink’s proof of reserves service on the Ethereum and Solana mainnets, per a press announcement dated September 23.
The integration aims to make reserves for 21.co’s wrapped Bitcoin, or 21BTC, more transparent. Early in September 2024, 21BTC debuted on Ethereum and Solana. The coin has a 1:1 backing from cold storage and institutionally owned BTC reserves.Â
Chainlink’s service will broadcast on-chain the reserves for users to confirm. 21.co will use the PoR through Onyx, the business’s digital asset management platform, according to the press release.
Users will have access to real-time 21BTC reserve verification thanks to this partnership. Throughout the minting process, proof-of-reserves will strengthen asset and user security as well.
According to Chainlink Labs Chief Business Officer Johann Eid, secure minting is a step toward further tokenization expansion.
Beyond openness, the Chainlink collaboration improves 21BTC’s overall decentralization on the Ethereum and Solana chains.
This aligns with the larger goal of the cryptocurrency business, which is to create a decentralized ecosystem emphasizing global trade, gaming, real-world assets, and decentralized banking.
