21.co Launches Wrapped Bitcoin on Ethereum Amid WBTC Controversy
21.co, the mother or father firm of 21Shares, a serious participant within the crypto exchange-traded fund (ETF) market, is increasing its presence on this planet of wrapped property.
21.co, the mother or father firm of 21Shares, a serious participant within the crypto exchange-traded fund (ETF) market, is increasing its presence on this planet of wrapped property with the launch of its personal Bitcoin wrapper, 21.co Wrapped Bitcoin (21BTC), on the Ethereum blockchain.
The brand new Bitcoin wrapper is designed to convey institutional-grade asset administration practices to the wrapped asset area. In line with Eliézer Ndinga, 21.co’s head of technique and enterprise improvement for digital property, 21BTC incorporates “stringent asset administration finest practices,” together with the usage of institutional-grade custodians and sturdy safety protocols.
To make sure person safety, 21.co has applied chilly storage options and partnered with regulated third-party custodians. The corporate can be collaborating with market maker Circulation Dealer to deal with the issuance of 21BTC. Wrapped Bitcoin tokens like 21BTC are ERC-20 tokens (or different good contract-compatible tokens) which can be absolutely backed by Bitcoin, permitting them for use inside the Ethereum ecosystem for varied decentralized finance (DeFi) actions.
This text incorporates hyperlinks to third-party web sites or different content material for data functions solely (“Third-Celebration Websites”). The Third-Celebration Websites will not be beneath the management of L3B7, and L3B7 just isn’t accountable for the content material of any Third-Celebration Web site, together with with out limitation any hyperlink contained in a Third-Celebration Web site, or any modifications or updates to a Third-Celebration Web site. L3B7 is offering these hyperlinks to you solely as a comfort, and the inclusion of any hyperlink doesn’t indicate endorsement, approval or suggestion by L3B7 of the positioning or any affiliation with its operators.
This text is meant for use and have to be used for informational functions solely. It is very important do your personal analysis and evaluation earlier than making any materials selections associated to any of the services or products described. This text just isn’t meant as, and shall not be construed as, monetary recommendation.
The views and opinions expressed on this article are the creator’s [company’s] personal and don’t essentially replicate these of L3B7.
