21co launches Wrapped Bitcoin on the Ethereum blockchain

21.co is expanding its line of wrapped tokens by bringing its Wrapped bitcoin to the ethereum blockchain.

21.co, the parent company of cryptocurrency exchange-traded products provider 21Shares, has announced the launch of its Wrapped bitcoin (21BTC) on the ethereum blockchain.

September 3rd bitcoin-21BTC-on-ethereum.html” target=”_blank” rel=””>Press releaseThe company said the latest product was launched in partnership with Flow Traders, one of the world’s largest market makers. Unlike traditional “lock and mint” methods, 21.co emphasizes that it stores the underlying assets in cold storage without the need for a bridge.

Eliezer Ndinga, Director of Digital Asset Strategy and Business Development at 21.co, says the launch of 21BTC on ethereum allows customers to “have peace of mind as they explore decentralized applications and new opportunities on the ethereum blockchain, and 21.co is using our knowledge and economies of scale in managing crypto ETPs to make this a reality.”

Wrapped tokens are digital assets that represent a cryptocurrency from one blockchain on another blockchain. They are usually backed one-to-one by the original asset and allow users to use the value of the original cryptocurrency across different blockchain networks, increasing liquidity and enabling cross-chain transactions.

For example, Wrapped bitcoin allows (btc) holders to use the cryptocurrency within the ethereum ecosystem for decentralized financial activities.

In addition to Wrapped bitcoin, 21.co also features a suite of other wrapped tokens including Binance Coin (BNB), (XRP), Avalanche (AVAX), and others. Its wrapped tokens are also built on Onyx, 21.co’s proprietary digital asset lifecycle platform, which has facilitated the creation and redemption of over $6.7 billion worth of cryptocurrency-backed products.

The latest addition comes just months after 21.co launched 21BTC on Solana in May, offering users native access to bitcoin on the Solana network.