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21.co, the parent company of cryptocurrency exchange-traded product issuer 21Shares, has integrated Chainlink’s Proof-of-Reserve to improve the transparency of its wrapped bitcoin.
According to a bitcoin-21btc” target=”_blank”>Press release On September 23, 21.co will leverage Chainlink’s (LINK) Proof-of-Reserves service on the Solana (SOL) and ethereum (eth) mainnets. The integration aims to increase reserve transparency for 21.co’s Wrapped bitcoin, dubbed 21BTC.
21.co seeks transparency in on-chain reserves for its 21 btc
21BTC launched on Solana in May 2024 and on ethereum in early September 2024.
The token is backed 1:1 by btc reserves held in cold storage and institutional custody. Chainlink’s service will broadcast the reserves on-chain for users to verify.
According to the press release, 21.co will use PoR through Onyx, the company’s digital asset management platform. This collaboration will allow users to access real-time verification of 21BTC reserves. Proof of Reserves will also strengthen the security of users and assets during the minting process.
In a commentary, Chainlink Labs chief business officer Johann Eid said secure minting is a step toward further growth in tokenization.
Beyond transparency, the partnership with Chainlink improves the overall decentralization of 21 btc on the ethereum and Solana chains.
This aligns with the cryptocurrency industry’s broader push toward a decentralized ecosystem, focusing on areas such as real-world assets, decentralized finance, global commerce, and gaming.
