The company's new technology offering brings much-needed cross-chain security, liquidity to the industry
ZURICH, Sept. 12, 2023 /PRNewswire/ -- 21.co today announced the launch of 21.co Wrapped Tokens. The Company's first wrapped tokens feature a mix of underlyings from the top crypto assets by market capitalization, across multiple blockchain networks. Wrapped tokens present the opportunity to increase cross-chain liquidity and utility regardless of blockchain ecosystem, and address the security challenges of cross-chain bridging. 21.co is uniquely positioned to deliver institutional grade security and liquidity at scale through the suite, bolstered by Onyx, 21.co's proprietary product management system, which has created and redeemed over $3.3B in crypto-backed assets.
Effective cross-chain interoperability and liquidity allow members of the DeFi community to tap into a larger liquidity pool of assets without being limited to a single blockchain ecosystem. Greater accessibility leads to a greater ability to scale DeFi as a whole. Historically, cross-chain interoperability has been a technical hurdle for the DeFi community. Solutions like cross-chain bridge protocols have proven to be vulnerable to security hacks, posing a significant threat not only to assets but to trust in blockchain technology.
The new 21.co Wrapped Tokens introduce cross-chain liquidity for the most popular alt-layer one protocol tokens in the Ethereum ecosystem, securely. Onyx, developed by 21.co, ensures minting and burning processes are executed swiftly and securely. 21.co Wrapped Tokens are 100% physically collateralized, and underlying assets are held in cold storage by institutional-grade custody.
"DeFi needs cross-chain interoperability to be successful, but up until this point existing solutions have been plagued by serious security vulnerabilities," said Hany Rashwan, co-founder and CEO at 21.co. "We firmly believe DeFi is the future, and have long been committed to bridging traditional finance and decentralized finance with our experience and our products. With the launch of centralized wrapped assets, we are thrilled to be offering a much-needed technology to the DeFi community that will help DeFi continue to win."
The Index Coop will be the first organization to offer a multiple-blockchain index token - Index Coop Large Cap Index (IC21) powered by 21.co Wrapped Tokens. With 21.co's technology, the IC21 Token brings a number of non-EVM blockchain tokens to the Ethereum network.
21.co Wrapped Tokens include:
- 21BTC - 21.co Wrapped Bitcoin
- 21BNB - 21.co Wrapped BNB
- 21XRP - 21.co Wrapped XRP
- 21ADA - 21.co Wrapped Cardano
- 21SOL - 21.co Wrapped Solana
- 21LTC - 21.co Wrapped Litecoin
- 21DOT - 21.co Wrapped Polkadot
- 21BCH - 21.co Wrapped BitcoinCash
To learn more about 21.co Wrapped Tokens, please visit https://21.co/tokens
About 21.co
21.co is the world's leader in providing access to crypto through TradFi and DeFi. 21.co offers cryptocurrency exchange traded products (ETPs) via its 21Shares affiliate, as well as blockchain infrastructure technology. 21.co's products are built on its proprietary operating system, Onyx, which is also distributed to third parties. The company was founded in 2018 by Hany Rashwan and Ophelia Snyder. For more information, please visit www.21.co.
Press Contact
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Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the U.S. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof.
SOURCE 21.co
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