21.co is adding its Wrapped Bitcoin to the Ethereum blockchain, broadening the wrapped tokens selection.Â
The parent firm of 21Shares, a provider of cryptocurrency exchange-traded products, 21.co, has announced the release of 21BTC, or wrapped bitcoin, on the Ethereum blockchain.
The company claimed in a news statement on September 3 that it has partnered with Flow Traders, one of the biggest market makers globally, to debut its newest product.
21.co highlights that, in contrast to conventional “lock-and-mint” techniques, it stores the underlying assets in cold storage without requiring a bridge.Â
Eliezer Ndinga, head of strategy and business development, digital assets at 21.co, says the launch of 21BTC on Ethereum allows customers to “have peace of mind as they explore decentralized applications and new opportunities on the Ethereum blockchain – and 21.co is utilizing our knowledge and economies of scale managing crypto ETPs to make this a reality.”
Digital assets known as wrapped tokens symbolize cryptocurrencies on different blockchains. They enable users to access the value of the original cryptocurrency on other blockchain networks, boosting liquidity and facilitating cross-chain transactions.
They are usually backed one-to-one by the original asset. For instance, Wrapped Bitcoin owners can use the cryptocurrency for decentralized financial operations inside the Ethereum ecosystem.
21.co offers a variety of alternative wrapped tokens, including those for Binance Coin, Avalanche, and other platforms, in addition to Wrapped Bitcoin.
Additionally, Onyx, 21. co’s exclusive digital asset lifecycle platform, which has made it easier to create and redeem more than $6.7 billion in cryptocurrency-backed products, is the foundation around which its wrapped tokens are created.
Shortly after 21.co introduced 21BTC on Solana in May, providing users with native access to Bitcoin on the Solana network, comes the most recent upgrade.
