Two tokenization companies, Crypto.com and 21.co, have announced a partnership to increase Bitcoin liquidity towards the 21BTC offering and to help support the Ethereum and Solana ecosystems.
On October 7, Crypto.com revealed it would provide Bitcoin liquidity services via its wrapped Bitcoin product, 21BTC, for 21.co’s existing customers. 21.As the parent company of 21Shares, co is known for its cryptocurrency exchange traded products, or ETPs, such as the 21Shares Core Ethereum ETF, the 21Shares Bitcoin ETF, and any number of other ETPs.
Bitcoin Liquidity Demands Addressed
In the future the companies plan to explore additional product collaborations. The exchange will meet the liquidity demands of 21.co’s retail and institutional clients on both Ethereum and Solana networks, according to Eric Anziani, Crypto.com’s president and COO.
Under this partnership, 21.co’s customers will be able to invest their Bitcoin across multiple blockchain ecosystems. However, a Crypto.com representative said that the platform provides strong market liquidity for BTC/USD, USDT pairs as of now.
On top of that, Chainlink’s proof of reserve system is included in 21BTC which builds greater transparency for investors. There’s 21BTC on Ethereum, but as investors, we can’t access it if we live in the U.S. After 21.co launched wrapped tokens on Avalanche, Polkadot, and Solana earlier will introduce 21BTC on ETH on September 3.
21.Cold storage along with regulated third party custodians are the way in which co secures users. They’ve teamed up with Flow Trader to be the issuer of 21BTC. Wrapped BTC(WBTC) continues to dominate BTC wrapper, with a total market cap above $9.5 billion, per CoinMarketCap.
