21.co and Crypto.com team up to improve wrapped Bitcoin liquidity

21.co, the parent company of 21Shares, has announced a strategic partnership with Crypto.com.

The collaboration will enhance liquidity and custody solutions for 21.co’s wrapped tokens, starting with its wrapped Bitcoin (BTC).

Wrapped tokens like 21BTC allow users to use Bitcoin on other blockchains, such as Ethereum (ETH), by “wrapping” the original asset in a smart contract.

This allows users to benefit from Bitcoin’s value while also interacting with decentralized finance applications. DeFi is a system of financial services built on blockchain technology, offering alternatives to traditional financial services without intermediaries like banks.

You might also like: Pi Network token IoU jumps as mainnet launch hopes rise

Partnership details

This partnership will allow 21.co to leverage Crypto.com’s vast liquidity pool, meaning that the exchange will help provide Bitcoin to back 21BTC tokens. Crypto.com will also offer competitive fees and advanced trading technology, helping 21.co improve the efficiency of its wrapped Bitcoin product.

Eliezer Ndinga, Head of Strategy at 21.co, highlighted the significance of integrating 21BTC with Crypto.com, citing it as a key step in improving crypto accessibility for users.

“Crypto.com is one of the world’s largest digital assets exchanges serving over 100 million users globally. As one of the world’s largest issuers of crypto ETPs, 21.co brings asset management best practices and operational excellence to the world of wrapped assets.”

Eliezer Ndinga

To better serve retail and institutional customers with liquidity solutions, https://t.co/vCNztATSCO has entered into a partnership with @21co__ (one of the world’s largest issuers of crypto ETPs).

This marks the latest step towards our goal of putting crypto in every wallet,… pic.twitter.com/eDAeFQdeac

— Crypto.com (@cryptocom) October 7, 2024

The companies plan to expand their partnership further in the future, though specific details are yet to be announced. As demand for crypto products grows, partnerships like this aim to streamline access and improve liquidity for both retail and institutional traders globally.

You might also like: Hong Kong’s SFC set to approve batch of new crypto licenses by end of year

Source