21.co Collaborates with Crypto.com for Enhanced Bitcoin Liquidity

21.co, the parent company of cryptocurrency asset manager 21Shares, has teamed up with Crypto.com to enhance Bitcoin liquidity for its Wrapped Bitcoin (21BTC) clients. This collaboration specifically targets users within the Ethereum and Solana ecosystems.

On October 7, the two firms announced their strategic partnership, aimed at bolstering the offerings of 21.co’s crypto exchange-traded products (ETPs), beginning with 21BTC.

21.co is primarily recognized for its subsidiary, 21Shares, which issues various cryptocurrency exchange-traded funds (ETFs), including the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.

Both companies also indicated plans to work on additional product offerings in the future. Eric Anziani, President and COO of Crypto.com, stated:

“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.”

Crypto.com will cater to the Bitcoin (BTC) liquidity requirements for 21.co’s retail and institutional clientele across both Ethereum and Solana. According to 21.co, this partnership will enable its clients to make productive use of their “idle Bitcoin” across multiple blockchain platforms.

21.co Enhances Offerings through Strategic Partnerships

With Crypto.com’s robust liquidity and adherence to compliance standards, 21BTC is integrated with Chainlink’s proof of reserve to provide enhanced transparency for investors.

It’s important to note that 21.co wrapped tokens, including 21BTC, are not accessible to investors in certain regions, including the United States.

Launch of 21BTC on Ethereum

On September 3, 21.co introduced 21BTC on the Ethereum blockchain, thereby expanding its collection of wrapped tokens, which also includes wrapped Avalanche (AVAX), Polkadot (DOT), and Solana (SOL) tokens.

21.co implements user protection measures such as cold storage and uses regulated third-party custodians. They have partnered with market maker Flow Trader to oversee the issuance of 21BTC.

Wrapped Bitcoin (WBTC) remains the most popular BTC wrapper, boasting a market capitalization exceeding $9.5 billion, according to CoinMarketCap.