As a seasoned crypto investor with a knack for exploring the vast digital frontier, I find the expansion of 21.co’s lineup of wrapped tokens, particularly the Wrapped Bitcoin (21BTC) on Ethereum, a strategic move that resonates deeply with my investment philosophy.
21.co is broadening its selection of tokenized assets, with its Wrapped Bitcoin now available on the Ethereum network.
21.co, the overarching organization behind cryptocurrency exchange-traded product provider 21Shares, has unveiled the debut of their Wrapped Bitcoin (21BTC) on the Ethereum network.
In a press release on September 3rd, the company announced that their newest product was launched in collaboration with Flow Traders, a globally recognized market maker. Unlike conventional “lock-and-mint” practices, 21.co underscores that it securely stores the underlying assets offline without requiring a connection.
Eliezer Ndinga, who leads strategy and business development in digital assets at 21.co, explains that the introduction of 21BTC on Ethereum empowers customers to confidently delve into decentralized applications and fresh possibilities within the Ethereum blockchain ecosystem. Leveraging our expertise and efficiencies in managing crypto Exchange-Traded Products (ETPs), 21.co is making this vision a tangible reality.
Translated tokens are digital items that stand for a specific cryptocurrency from one blockchain on another. These tokens usually have the same value as the original asset and enable users to use the worth of the initial cryptocurrency across various blockchain platforms, enhancing liquidity and facilitating cross-chain transactions.
Holders of Bitcoin can utilize their BTC within the Ethereum network for various decentralized finance transactions using Wrapped Bitcoin.
21.co not only offers Wrapped Bitcoin but also a variety of other wrapped tokens such as Binance Coin (BNB), Ripple (XRP), Avalanche (AVAX), among others. These wrapped tokens are developed using Onyx, 21.co’s own digital asset lifecycle platform, which has supported the generation and conversion of approximately $6.7 billion worth of crypto-backed products.
In a short span following the launch of 21BTC on Solana by 21.co in May, we’ve made another significant development.
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2024-09-03 13:16