21.co Teams Up with Crypto.com to Enhance Bitcoin Liquidity

07-10-2024 By: Sakshi Jain

21.co and Crypto.com Strengthen Bitcoin Liquidity on Ethereum & Solana

21.co has partnered with Crypto.com to enhance Bitcoin liquidity for its 21BTC wrapped product. The collaboration aims to bolster liquidity across Ethereum and Solana networks, benefiting 21.co’s retail and institutional clients with greater Bitcoin asset utilization.

21.co Taps Crypto.com for Bitcoin Liquidity Services in New Partnership

21.co, the parent company of cryptocurrency asset manager 21Shares, has partnered with the popular crypto exchange Crypto.com to enhance Bitcoin liquidity for 21BTC, the firm’s Wrapped Bitcoin product.

This strategic collaboration, announced on October 7, 2024, is aimed at improving liquidity services, particularly targeting the Ethereum and Solana ecosystems. Crypto.com will now play a key role in supporting the liquidity needs of 21.co’s retail and institutional clients across these two blockchain networks.

With this partnership, 21.co customers will be able to better utilize their Bitcoin holdings, allowing them to put their idle assets to work on multiple chains. The partnership marks a significant step in enhancing the offerings of 21.co’s exchange-traded products (ETPs), starting with 21BTC.

Eric Anziani, president and chief operating officer of Crypto.com, highlighted the importance of this collaboration, saying, "This partnership is a strong demonstration of how our exceptional liquidity can support the innovations of companies like 21.co and how Crypto.com is constantly aiming to better serve our existing customers.”

21.co, through its subsidiary 21Shares, is well-known for issuing cryptocurrency exchange-traded funds (ETFs), including products like the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.

The partnership with Crypto.com is part of 21.co’s broader plan to enhance its product offerings, with the two companies expected to collaborate on additional projects in the future.

Additionally, the 21BTC product is integrated with Chainlink’s proof of reserve to provide increased transparency and protection to investors. This feature allows users to verify that the wrapped tokens are fully backed, further enhancing investor confidence in the product. However, it’s important to note that 21.co’s wrapped tokens, including 21BTC, are not available to investors in certain jurisdictions, such as the United States.

The 21BTC token was recently launched on the Ethereum blockchain in early September, expanding the company’s portfolio of wrapped tokens, which already includes assets like wrapped Avalanche (wAVAX), Polkadot (wDOT), and Solana (wSOL).

As the most popular BTC wrapper in the market, Wrapped Bitcoin (WBTC) holds a dominant position with over $9.5 billion in market capitalization. By partnering with Crypto.com and Flow Trader, 21.co is positioning itself to offer competitive alternatives in the growing space of wrapped tokens and liquidity solutions.

Conclusion

This partnership strengthens 21.co's offerings by leveraging Crypto.com’s liquidity and Chainlink’s proof of reserve, offering increased transparency. With plans for future collaborations, both companies aim to enhance the functionality of wrapped tokens across multiple blockchain ecosystems.

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