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- 21.co has partnered with Crypto.com to boost Wrapped Bitcoin liquidity on Ethereum and Solana networks.
- Future projects will focus on enhancing crypto exchange-traded products (ETP) and DeFi solutions.
- The collaboration aims to enhance liquidity, security, and market accessibility.
21.co is the parent company of 21Shares. It has now teamed up with Crypto.com to offer lending services for 21.co’s Wrapped Bitcoin, known as 21BTC.
This integration leverages Crypto.com’s liquidity and technology to enhance 21BTC’s optimization. The collaboration is set to drive future product innovations, benefiting both retail and institutional clients.
Crypto.com to Enhance 21BTC Liquidity on Ethereum and Solana Networks
On October 7, 21.co and Crypto.com announced a partnership. This partnership was done to enhance liquidity for 21.co’s Wrapped Bitcoin (21BTC) on the Ethereum and Solana networks.
This collaboration will enable clients to utilize their Bitcoin more effectively across these ecosystems.
Crypto.com will provide the necessary liquidity for 21BTC, ensuring an optimal Bitcoin experience on Ethereum and Solana. With competitive fees and a cutting-edge matching engine, Crypto.com guarantees efficient and cost-effective liquidity.
Head of Strategy at 21.co, Eliezer Ndinga, stated:
“We are thrilled to integrate 21BTC with Crypto.com, enhancing user access to crypto and marking the starting point of a long-term, strategic partnership. As two leaders in digital asset innovation, know-how, and operations, the 21.co and Crypto.com partnership creates a powerful combination.”
21.co’s wrapped assets, including 21BTC, offer institutional-grade security through cold storage and regulated custodians.
The integration of Chainlink’s proof of reserve and Crypto.com’s liquidity ensures transparency for users. This partnership allows users to securely and quickly deploy their idle Bitcoin across multiple blockchain networks.
Broadening Global Access to Cryptocurrency Liquidity
Crypto.com is renowned for its robust liquidity in BTC/USD and BTC/USDT pairs. It will utilize this strength to support 21.co’s exchange-traded products (ETPs), starting with 21BTC.
The collaboration highlights transparency, with 21BTC employing Chainlink’s proof of reserve mechanism.
Additionally, this partnership boosts access and liquidity for cryptocurrencies among retail and institutional traders.
Eric Anziani, President and COO of Crypto.com, stated, “The innovations of companies like 21.co and how Crypto.com is constantly aiming to better serve our existing customers.”
With a user base exceeding 100 million, Crypto.com will offer more crypto trading options. This would happen as 21.co’s products gain better integration within the Crypto.com ecosystem. User protections are ensured through cold storage and regulated third-party custodians.
The companies plan to develop future products to enhance interoperability and liquidity, driving innovation. This collaboration aims to bridge traditional finance and DeFi markets further.
DeFi Expansion and Wrapped Bitcoin
21.co has recently launched 21BTC on the Ethereum blockchain. It has also introduced other wrapped tokens like Avalanche (AVAX), Polkadot (DOT), and Solana (SOL).
21BTC enhances blockchain utility, bolstered by Crypto.com’s liquidity support for DeFi applications such as lending, borrowing, and collateralization. This integration allows users to deploy Bitcoin across multiple chains.
Transparency: 21BTC is fully integrated with chainlink’s Proof of Reserve, providing real-time transparency and collateral verification.
In collaboration with market maker Flow Traders, 21.co ensures operational efficiency for these assets. This significantly improves DeFi and cross-chain liquidity for Bitcoin.
The trading market has remained stable. Thanks to the exchange’s robust trading infrastructure, Bitcoin maintained liquidity in major pairs like BTC/USD and USDT.
This partnership facilitates easier interoperability, enabling users to utilize Bitcoin on smart contract platforms like Ethereum.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
