The parent company of 21Shares, 21.co has officially launched their wrapped Bitcoin, 21BTC, on Ethereum with support from Flow Traders and Chainlink. 21BTC offers an institutional-grade wrapped Bitcoin token on Ethereum. With five years of asset management and tokenization expertise and experience, 21BTC provides access to Bitcoin through wallets similar to the way ETFs are accessed through banks and brokerages. In addition, 21BTC is supported by market makers and custodians, who support 21Shares Exchange-Traded Products (ETPs).
Why is 21BTC needed?
Bitcoin, as the first and largest cryptocurrency, holds over $1T in value, much of which, due to Bitcoin’s limited functionality, remains idle. Many Bitcoin holders are eager to put their assets to work, especially within DeFi applications on other blockchains, like Ethereum and Solana, which offer more advanced financial tools such as lending, staking, and yield farming.
This is where wrapped assets come into play. Similar to how a Bitcoin ETP represents Bitcoin and allows investors to trade it on traditional stock exchanges, a wrapped asset is a digital representation of another asset, designed to enable its use on a blockchain where it is not natively supported.
Key Features of 21BTC
- 100% Backed by BTC: 21BTC is backed by Bitcoin 1:1 securely by institutional-grade custodians, offering a high level of security and trust.
- Expert in Traditional Finance: 21BTC’s minting and burning process is managed by Onyx Asset Management operation systems, which has successfully processed over $5B in order flows.
- Transparency: 21BTC will utilize Chainlink’s Proof of Reserve and Secure Mint technology, offering an additional layer of transparency and security—ensuring every 21BTC token is fully backed while preventing any possibility of over-minting.
How to Access 21BTC on Ethereum
Exploring 21.co Wrapped Assets
In line with the principles of transparency and the ethos of the crypto space, 21.co has developed a dedicated Dune Analytics dashboard to allow users to monitor the on-chain performance of 21.co’s wrapped assets. This tool ensures that users can independently verify and track the activity of their assets in real-time:
