Solana
21.co Launches Wrapped Bitcoin (21BTC) on Solana
21.co aims to provide simple access to Bitcoin on the Solana blockchain, enabling significant liquidity on decentralized exchanges, eligibility for collateral on loan applications, and institutional-grade security.
ZURICH, May 302024 – 21.co, the parent company of 21Shares – one of the world’s largest issuers of crypto exchange-traded products (ETPs), today announced the launch of 21.co Wrapped Bitcoin (21BTC) on the Solana blockchain. 21BTC on Solana represents 21.co’s latest addition to its lineup of wrapped tokens. After entering the wrapped token space in 2023, 21.co aims to usher in the next phase of decentralized finance (DeFi) and contribute to wider adoption of DeFi.
Tokens will play a crucial role in the digital transformation of capital markets, making financial assets (crypto assets and real-world assets) more efficient and accessible. However, one of the main issues hindering this financial revolution is incompatibility, known as interoperability in the crypto world, as blockchains, by design, are not compatible with each other . For example, Bitcoin is currently unusable with smart contract platforms like Solana, limiting users’ ability to gain one-time exposure to Bitcoin on Solana.
Launched in 2020, Solana emerged as a clear solution to outdated technology in the blockchain space. The Solana ecosystem has evolved rapidly, delivering unparalleled speeds and cost-effectiveness, making transactions on the network essential. Meanwhile, as the original and largest cryptocurrency by market capitalization, Bitcoin has captured over $1 trillion in idle funds.
“Users want to do more with their cash, like exploring decentralized applications and new opportunities on networks like Solana. 21BTC on Solana provides native access to Bitcoin on Solana through a simple and secure solution that creates cross-chain compatibility, liquidity and utility,” said Eliezer Ndinga, Head of Strategy and Business Development, Digital Assets at 21 .co. “As one of the largest global issuers of crypto ETPs, 21.co is uniquely positioned to launch wrapped tokens thanks to the company’s extensive asset management experience and operational excellence . 21.co is able to take the knowledge and economies of scale we have gained from managing crypto ETPs and apply them to the world of tokenization to ensure institutional-grade security and custody. 21BTC on Solana is the latest addition to this offering and we are excited to offer this product to customers.
21.co-wrapped tokens provide unparalleled security through their mechanism: 21.co avoids vulnerable lock-and-mint approaches in favor of storing the underlying assets in cold storage with tiered custodians. institutional – no bridge required. Tokens wrapped by 21.co are 100% collateralized and the underlying assets are held by institutional-grade third-party custodians.
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Additionally, the company’s wrapped token suite is powered by Onyx, 21.co’s proprietary digital asset lifecycle platform, which has created and redeemed over $6.7 billion in backed assets. to cryptocurrencies. Onyx is used by authorized participants from issuance throughout the product lifecycle, generating cost savings that are passed on to the end investor. Additionally, Onyx allows authorized participants and market makers to easily interact with the primary market. As a first-of-its-kind technology solution, Onyx truly bridges the gap between traditional finance and decentralized finance with its ability to handle both traditional asset management as well as end-to-end tokenization.
As part of the launch of 21BTC on Solana, 21.co is working exclusively with leading market makers Flow Traders.
“This is an exciting project to be involved in and we are excited to work with 21.co and the Solana Foundation to securely launch Bitcoin on the Solana blockchain,” said Michael Lie, Global Head of Digital Assets at Flow Traders. The Solana network and its applications have seen significant growth and adoption since 2020. Flow Traders is excited to support this initiative and has long provided liquidity to 21.co’s subsidiary, 21Shares, and its Solana ETP with the introduction of 21BTC as secure Bitcoin on the network. Solana network, users can use Bitcoin in decentralized finance applications, which is another step towards wider adoption and efficiency of the entire asset class.
To learn more about 21.co wrapped tokens, please visit https://21.co/tokens.
Press contact:
Audrey Belloff, Head of Global Communications, audrey.belloff@21.co
About 21.co
21.co is the global leader in providing access to cryptocurrencies via TradFi and DeFi. 21.co offers cryptocurrency exchange-traded products (ETPs) through its subsidiary 21Shares, as well as blockchain infrastructure technology. 21.co’s products are based 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.
Disclaimer
The information provided does not constitute a prospectus or other offering document and does not contain or constitute an offer to sell or a solicitation of an offer to buy any securities or any other regulated product in any jurisdiction. 21.co Wrapped tokens are not available in certain jurisdictions, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that such forward-looking statements are not guarantees of future performance, involve risks and uncertainties and that actual results may differ. Further, 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 should not be relied upon as economic, legal, tax or other advice and viewers are cautioned not to base their investments or any other decisions on the contents herein.
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