21.co is increasing the lineup of wrapped tokens, bringing its Wrapped Bitcoin to the Ethereum blockchain.
21.co, the mum or dad firm of crypto exchange-traded merchandise supplier 21Shares, has introduced the launch of its Wrapped Bitcoin (21BTC) on the Ethereum blockchain.
In a Sept. 3 press launch, the corporate stated the most recent product is launched in partnership with Move Merchants, one of many world’s largest market makers. In contrast to conventional “lock-and-mint” strategies, 21.co emphasizes that it shops the underlying belongings in chilly storage with out the necessity for a bridge.
Eliezer Ndinga, head of technique and enterprise growth, digital belongings at 21.co, says the launch of 21BTC on Ethereum permits clients to “have peace of thoughts as they discover decentralized purposes and new alternatives on the Ethereum blockchain – and 21.co is using our data and economies of scale managing crypto ETPs to make this a actuality.”
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Wrapped tokens are digital belongings that symbolize a cryptocurrency from one blockchain on one other blockchain. They’re usually backed one-to-one by the unique asset and permit customers to make the most of the worth of the unique cryptocurrency on completely different blockchain networks, rising liquidity and enabling cross-chain transactions.
For instance, Wrapped Bitcoin permits (BTC) holders to make use of the cryptocurrency inside the Ethereum ecosystem for decentralized finance actions.
Along with Wrapped Bitcoin, 21.co additionally boasts a set of different wrapped tokens, together with for Binance Coin (BNB), (XRP), Avalanche (AVAX), and others. Its wrapped tokens are additionally constructed 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 merchandise.
The most recent addition comes only a few months after in Could, 21.co launched 21BTC on Solana, providing customers native entry to Bitcoin on the Solana community.
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