The partnership will improve 21.co’s wrapped tokens’ custody and liquidity options, beginning with wrapped Bitcoin (BTC).
With wrapped tokens like 21BTC, users can “wrap” the original asset in a smart contract to use Bitcoin on other blockchains, like Ethereum.
This enables users to engage with decentralized finance applications and profit from Bitcoin’s value. DeFi is a blockchain-based financial services system that provides substitutes for conventional financial services without the need for middlemen like banks.
Partnership Details
Through this agreement, 21.co will be able to take advantage of Crypto.com’s extensive liquidity pool, which entails the exchange contributing Bitcoin to support 21BTC tokens.
Along with providing cutting-edge trading technology and affordable costs, Crypto.com will assist 21.co in enhancing the effectiveness of its wrapped Bitcoin product.
Head of Strategy at 21.co Eliezer Ndinga emphasized the importance of 21BTC’s integration with Crypto.com, pointing to it as a crucial step in enhancing customers’ accessibility to cryptocurrencies. Eliezer Ndinga:
Crypto.com is one of the world’s largest digital assets exchanges serving over 100 million users globally. As one of the world’s largest issuers of crypto ETPs, 21.co brings asset management best practices and operational excellence to the world of wrapped assets.”
The businesses intend to deepen their collaboration in the future, although they haven’t disclosed any specifics yet.
Partnerships like this one are aimed at improving liquidity and streamlining access for institutional and individual traders worldwide as the demand for crypto products rises.
