Originally published on: October 07, 2024
Leading crypto exchange Crypto.com has announced a strategic partnership with 21.co, the company behind cryptocurrency asset manager 21Shares. The collaboration aims to provide Bitcoin liquidity services for users of 21.co’s Wrapped Bitcoin (21BTC) tokens.
The partnership, revealed on Oct. 7, marks a significant step in the enhancement of 21.co’s crypto exchange-traded products (ETPs), starting with 21.co’s flagship offering, 21BTC. 21.co is renowned for its subsidiary 21Shares, which issues popular cryptocurrency exchange-traded funds (ETFs) like ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.
Plans for future product offerings are also in the pipeline as the two companies work together to expand their services. Eric Anziani, President, and COO of Crypto.com, expressed his enthusiasm for the collaboration, emphasizing Crypto.com’s commitment to supporting Bitcoin liquidity needs for 21.co’s retail and institutional clientele across Ethereum and Solana networks.
The partnership opens up opportunities for clients to utilize their Bitcoin holdings efficiently across multiple chains. With Crypto.com’s robust liquidity and compliance standards, investors can benefit from increased transparency facilitated by Chainlink’s proof of reserve integration.
Despite restrictions preventing investors in certain jurisdictions, such as the United States, from accessing 21.co wrapped tokens like 21BTC, the collaboration between Crypto.com and 21.co aims to provide a seamless and secure investment experience.
Recently, on Sept. 3, 21.co launched 21BTC on the Ethereum blockchain network, expanding its suite of wrapped tokens, including Avalanche (AVAX), Polkadot (DOT), and Solana (SOL). With user protections like cold storage and regulated third-party custodians in place, 21.co has partnered with market maker Flow Trader to manage the issuance of 21BTC.
In a landscape dominated by popular BTC wrappers like WBTC, with a market capitalization exceeding $9.5 billion, the Crypto.com and 21.co partnership represents a significant advancement in the realm of Bitcoin liquidity services.
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