21.co Launches Wrapped Bitcoin (21BTC) on Ethereum
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21.co Launches Wrapped Bitcoin (21BTC) on Ethereum
21.co is excited to announce the launch of Wrapped Bitcoin (21BTC) on the Ethereum blockchain in partnership with Flow Traders, a notable market maker in the cryptocurrency space. This innovative step comes after the successful introduction of 21BTC on Solana earlier in the year, signaling a commitment to expanding decentralized finance (DeFi) solutions.
Institutional-Grade Security Features
The 21BTC token is designed with user safety in mind. Unlike traditional methods that rely on a 'lock-and-mint' model, 21.co focuses on safeguarding assets by leveraging cold storage solutions. This approach eliminates the need for bridges and utilizes third-party custodians to ensure robust protection of assets, making it a reliable option for the crypto community.
Eliezer Ndinga, Head of Strategy and Business Development at 21.co, expressed that the implementation of best practices in asset management positions 21.co as a leader in this space. With an emphasis on safety, users can engage with decentralized applications with the assurance that their assets are secure. This launch marks a significant milestone in facilitating greater access to liquidity and investment opportunities on the Ethereum network.
Enhancing Market Interoperability
One of the key challenges in the crypto space is the lack of interoperability between different blockchain networks. The introduction of 21BTC addresses this issue by allowing Bitcoin to interact harmoniously with Ethereum, which has historically been a hurdle due to the incompatibility of these systems. This interoperability enables Bitcoin, as the largest cryptocurrency by market capitalization, to serve as collateral in a myriad of financial activities on Ethereum, such as lending, borrowing, and trading.
Partnership with Flow Traders
In the pursuit of harmonizing the digital asset landscape, 21.co has partnered exclusively with Flow Traders as the liquidity provider for 21BTC. Michael Lie, Global Head of Digital Assets at Flow Traders, emphasized the significance of this partnership, believing that enhanced access to digital tokens will boost overall market liquidity. The collaboration aims to create a more efficient marketplace and broaden the range of investment options available to traders.
Onyx: Bridging Traditional and Digital Finance
The innovative tokenization framework provided by Onyx, 21.co's proprietary platform, has been pivotal in the development and redemption of crypto-backed products worth over $6.7 billion. Onyx streamlines the process from issuance to lifecycle management, ensuring that participants benefit from cost efficiencies. This unique technology embodies the fusion of traditional finance with DeFi, enhancing accessibility for both traditional and digital asset investors.
About 21.co and Flow Traders
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21.co is a leader in the crypto finance space, providing a wide range of exchange traded products (ETPs) through its 21Shares arm. The firm has established a reputation for integrating cutting-edge blockchain technology into financial services, thereby shaping a new era in investment opportunities.
Flow Traders, a key player in the market since its inception over twenty years ago, has embraced the digital asset ecosystem since 2017, allowing it to build a solid foundation for trading across various platforms, including decentralized finance.
Frequently Asked Questions
What is Wrapped Bitcoin (21BTC)?
Wrapped Bitcoin (21BTC) is a token that represents Bitcoin on the Ethereum blockchain, enabling broader access and usability of Bitcoin within decentralized applications.
How does 21.co ensure the security of Wrapped Bitcoin?
21.co opts for cold storage methods for its assets, avoiding traditional 'lock-and-mint' practices. Additionally, third-party custodians are employed for added security.
What are the advantages of using Wrapped Bitcoin?
21BTC allows users to leverage Bitcoin on Ethereum, providing access to DeFi applications while ensuring stability and security in asset management.
Who are the partners involved in the launch of 21BTC?
The launch of 21BTC is in exclusive partnership with Flow Traders, known for its significant role in providing liquidity in the cryptocurrency market.
What is Onyx and how does it relate to 21.co?
Onyx is a proprietary digital asset lifecycle platform created by 21.co that enhances the efficiency in the management of crypto-backed products and bridges traditional and decentralized finance.
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