21.co, the parent company of 21Shares – one of the world’s largest issuers of crypto exchange traded products (ETPs), today announced the launch of 21.co Wrapped Bitcoin (21BTC) on the Ethereum blockchain in partnership with Flow Traders, one of the world’s largest market makers. 21BTC on Ethereum represents 21.co’s latest addition to its growing lineup of wrapped tokens. Having entered the wrapped tokens space in 2023, 21.co aims to usher in the next phase of decentralized finance (DeFi) and help enable DeFi’s broader adoption.
21.co wrapped Bitcoin is built by institutions and for the digital asset community with institutional security and strong mechanisms to ensure user protection. 21.co avoids vulnerable “lock-and-mint” approaches in favor of storing underlying assets in cold storage – no bridge required. In addition, assets are stored with institutional-grade, third-party custodians.
“As one of the world’s largest issuers of crypto ETPs, we bring stringent asset management best practices and our operational excellence to the world of wrapped assets, involving institutional-grade custodians and security protocols,” said Eliezer Ndinga, Head of Strategy and Business Development, Digital Assets at 21.co. “Users want to do more with their liquidity, yet at the same time they need assurances that their wrapped assets have the highest levels of safety. The launch of 21BTC on Ethereum allows customers to 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.”
As part of the launch of 21BTC on Ethereum, 21.co is working exclusively with leading market maker Flow Traders.
Commenting on today’s announcement, Michael Lie, Global Head of Digital Assets at Flow Traders, said: “As a global liquidity provider, we recognize the importance to increase the access to digital assets. Through the expansion 21Shares’ BTC wrapped, we believe the overall market will improve, it brings enhanced liquidity and enables improved interoperability across multiple blockchain networks. BTC wrapped leverages the leading digital asset, Bitcoin, which plays a crucial role in the growth of decentralized finance, acting as a critical source of collateral and enabling a wide range of financial activities, such as lending, borrowing, and trading. We are therefore committed to further developing our partnership with 21Shares and support BTC wrapped as the exclusive liquidity provider and expanding investor choice through this expanded product suite.”
The technology underpinning capital markets will increasingly be powered by blockchain, and tokens will play a crucial role in this digital transformation. However, blockchains by design are not compatible with one another, causing a key barrier towards true scale and interoperability. For example, Bitcoin is currently inoperable with smart-contract platforms like Ethereum, limiting users' ability to obtain spot exposure to Bitcoin on Ethereum. 21BTC solves this issue of interoperability, allowing Bitcoin – the original and largest cryptocurrency by market capitalization – to be compatible with other blockchains like Ethereum.
The firm’s suite of wrapped tokens is bolstered by Onyx, 21.co's proprietary digital asset lifecycle platform, which has created and redeemed over $6.7bn in crypto-backed products. In the ETP space, Onyx is utilized by authorized participants from issuance through the entire product lifecycle, generating time and cost efficiencies that are passed on to the end investor. In addition, Onyx allows authorized participants and market makers to easily interact with the primary market. As a one-of-a-kind technology solution, Onyx truly bridges the gap between traditional finance and decentralized finance through its ability to service both traditional and digital assets.
In May 2024, 21.co announced the launch of 21BTC on Solana, offering users native access to Bitcoin on Solana through a simple and secure solution that creates cross-chain compatibility, liquidity and utility.
To learn more about 21.co wrapped tokens, please visit https://21.co/tokens.
About 21.co
21.co is the world’s leader in providing access to crypto through traditional finance and decentralized finance. 21.co offers cryptocurrency exchange traded products (ETPs) via its 21Shares affiliate, as well as blockchain infrastructure technology. 21.co’s products are built on its proprietary operating system, Onyx, which is also distributed to third parties. The company was founded in 2018 by Hany Rashwan and Ophelia Snyder. For more information, please visit www.21.co.
About Flow Traders
Flow Traders is a leading multi-asset market maker founded more than twenty years ago, the firm expanded into digital assets trading in 2017, focusing on centralized exchanges before expanding its operations to include over-the-counter trading, options trading and decentralized finance. Additionally, Flow Traders strategically invests in builders and teams driving the convergence of centralized and decentralized finance.
Disclaimer
21.co Wrapped Tokens are not available in certain jurisdictions, including the United States. These Tokens are not available to US Persons and US Persons will not be permitted to mint/burn.
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or any other regulated products in any jurisdiction. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof.
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