21.co expands its lineup of wrapped coins, adding Wrapped bitcoin to the Ethereum Blockchain.
21.co announced that it has released its Wrapped Bitcoin 21BTC (21BTC), a crypto-exchange traded product. Ethereum blockchain.
On Sept. press releaseThe latest product has been launched by the company in collaboration with Flow Traders. Flow Traders is one of world’s biggest market makers. Instead of traditional “lock-and-mint” The 21.co website emphasizes the fact that assets can be stored cold without a need for bridges.
Eliezer Ndinga is the head of strategy, business development and digital assets for 21.co. He says that 21BTC’s launch on Ethereum will allow customers to use 21BTC as a payment method. “have peace of mind as they explore decentralized applications and new opportunities on the Ethereum blockchain – and 21.co is utilizing our knowledge and economies of scale managing crypto ETPs to make this a reality.”
Wrapped tokens represent the cryptocurrency of one blockchain in another. These tokens, which are usually backed by the original assets one to one, allow the users to use the value of that cryptocurrency across different blockchain networks. This increases liquidity and allows cross-chain transaction.
Wrapped Bitcoin is a good example.BTCHolders of cryptocurrencies can use them within the Ethereum eco-system for decentralized financial activities.
Wrapped tokens for Binance coin (also available at 21.co) are also included in the list of wrapped coins.BNB), (XRP), Avalanche (AVAXIts wrapped tokens are also built on Onyx, 21.co’s proprietary digital asset lifecycle platform. This has facilitated the creation and redemption of over $6.7 billion in crypto-backed products. Onyx is 21.co’s proprietary digital assets lifecycle platform. It has enabled the creation of more than $6.7 billion worth of crypto-backed goods.
In May of this year, 21.co introduced 21BTC to the Solana platform, giving users access directly to Bitcoin.
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Source: crypto.news