21.co and Crypto.com Strengthen Bitcoin Liquidity on Ethereum & Solana
21.co has partnered with Crypto.com to reinforce Bitcoin liquidity for its 21BTC wrapped product. The collaboration goals to bolster liquidity throughout Ethereum and Solana networks, benefiting 21.co’s retail and institutional purchasers with better Bitcoin asset utilization.
21.co Faucets Crypto.com for Bitcoin Liquidity Providers in New Partnership
21.co, the father or mother firm of cryptocurrency asset supervisor 21Shares, has partnered with the favored crypto change Crypto.com to reinforce Bitcoin liquidity for 21BTC, the agency’s Wrapped Bitcoin product.
This strategic collaboration, introduced on October 7, 2024, is aimed toward bettering liquidity providers, notably focusing on the Ethereum and Solana ecosystems. Crypto.com will now play a key function in supporting the liquidity wants of 21.co’s retail and institutional purchasers throughout these two blockchain networks.
With this partnership, 21.co clients will be capable of higher make the most of their Bitcoin holdings, permitting them to place their idle property to work on a number of chains. The partnership marks a major step in enhancing the choices of 21.co’s exchange-traded merchandise (ETPs), beginning with 21BTC.
Eric Anziani, president and chief working officer of Crypto.com, highlighted the significance of this collaboration, saying, “This partnership is a robust demonstration of how our distinctive liquidity can help the improvements of corporations like 21.co and the way Crypto.com is continually aiming to raised serve our current clients.”
21.co, by its subsidiary 21Shares, is well-known for issuing cryptocurrency exchange-traded funds (ETFs), together with merchandise just like the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.
The partnership with Crypto.com is a part of 21.co’s broader plan to reinforce its product choices, with the 2 corporations anticipated to collaborate on extra initiatives sooner or later.
Moreover, the 21BTC product is built-in with Chainlink’s proof of reserve to offer elevated transparency and safety to traders. This function permits customers to confirm that the wrapped tokens are totally backed, additional enhancing investor confidence within the product. Nonetheless, it’s necessary to notice that 21.co’s wrapped tokens, together with 21BTC, should not out there to traders in sure jurisdictions, resembling america.
The 21BTC token was not too long ago launched on the Ethereum blockchain in early September, increasing the corporate’s portfolio of wrapped tokens, which already consists of property like wrapped Avalanche (wAVAX), Polkadot (wDOT), and Solana (wSOL).
As the preferred BTC wrapper available in the market, Wrapped Bitcoin (WBTC) holds a dominant place with over $9.5 billion in market capitalization. By partnering with Crypto.com and Circulation Dealer, 21.co is positioning itself to supply aggressive options within the rising area of wrapped tokens and liquidity options.
Conclusion
This partnership strengthens 21.co’s choices by leveraging Crypto.com’s liquidity and Chainlink’s proof of reserve, providing elevated transparency. With plans for future collaborations, each corporations purpose to reinforce the performance of wrapped tokens throughout a number of blockchain ecosystems.
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