Launching 21BTC expands 21.co's existing suite of wrapped tokens on Ethereum, including wrapped Avalanche (AVAX), Polkadot (DOT) and Solana (SOL) tokens.
Cryptocurrency asset manager 21.co is launching its own Bitcoin (BTC) wrapper on the Ethereum blockchain network, the company announced on Sept. 3.
The new token, 21.co Wrapped Bitcoin (21BTC), will join 21.co’s existing lineup of wrapped tokens on Ethereum, including wrapped Avalanche (AVAX), Polkadot (DOT) and Solana (SOL) tokens. Notably, 21.co already launched 21BTC on Solana in May.
According to 21.co, the BTC wrapper aims to “bring stringent asset management best practices… to the world of wrapped assets,” featuring “institutional-grade custodians and security protocols.”
“21BTC is designed from the ground up to bring the highest standards of asset management to the world of wrapped assets,” Eliézer Ndinga, 21.co’s head of strategy and business development for digital assets, said in a statement.
“We’re excited to partner with 21.co on this initiative, which will expand the use cases for Bitcoin and other digital assets in the DeFi ecosystem,” Michael Lie, Flow Trader’s global head of digital assets, said in a statement.
“Wrapped BTC acts as a critical source of collateral and enabl[es] a wide range of financial activities, such as lending, borrowing, and trading.”
“21.co’s wrapped BTC brings enhanced liquidity and enables improved interoperability across multiple blockchain networks,” he added.
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