bitcoin

21.co Launches 21BTC Wrapped Bitcoin Token on Ethereum for DeFi Adoption

The Big Whale

04 Sep 2024 — 1 min read

21.co, the parent company of 21Shares, is launching its own wrapped Bitcoin token called 21BTC on the Ethereum blockchain.
Wrapped Bitcoin allows traders to use their Bitcoin holdings in the Ethereum DeFi ecosystem.
The launch of 21BTC aims to enable DeFi's broader adoption and bring institutional-grade custodians and security protocols to wrapped assets. -
21.co's wrapped tokens on Ethereum include Avalanche, Polkadot, and Solana tokens.
BitGo's planned partnership with BiT Global for Wrapped Bitcoin has faced controversy due to concerns over Justin Sun's involvement.
21.co is known for its subsidiary 21Shares, which issues cryptocurrency ETFs.

Summary :
Cryptocurrency asset manager 21Shares' parent company, 21.co, has launched its own wrapped Bitcoin token called 21BTC on the Ethereum blockchain. Wrapped tokens allow one cryptocurrency to be used on another blockchain, and 21BTC aims to enable decentralized finance (DeFi) and its broader adoption. This move comes as Wrapped Bitcoin (WBTC), another popular wrapped token, faces controversy over its custodian BitGo's partnership with BiT Global. 21.co's wrapped tokens on Ethereum also include wrapped Avalanche, Polkadot, and Solana tokens. The company ensures user protections through cold storage and regulated third-party custodians.

Sources :

- Decrypt
- CoinTelegraph

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