Crypto exchange Crypto.com has partnered with 21.co, the parent company of cryptocurrency asset manager 21Shares, to provide Bitcoin liquidity for existing 21.co Wrapped Bitcoin (21BTC) customers.
On Oct. 7, Crypto.com and 21.co announced a strategic partnership to bolster the service offerings of the latter’s crypto exchange-traded products (ETPs), starting with 21.co 21BTC.
21.co is best known for its subsidiary 21Shares, which issues cryptocurrency exchange-traded funds (ETFs), including ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.
Source: Crypto.com
The companies also revealed plans to collaborate on other product offerings in the future. Eric Anziani, the president and chief operating officer of Crypto.com, said:
“This partnership is a strong demonstration of how our exceptional liquidity can support the innovations of companies like 21.co and how Crypto.com is constantly aiming to better serve our existing customers.”
As part of the partnership, Crypto.com will support the Bitcoin (BTC) liquidity needs of 21.co’s retail and institutional clients across both Ethereum and Solana. According to 21.co, the partnership will allow its clients to invest their “idle Bitcoin to work across multiple chains.”
Speaking to Cointelegraph, a Crypto.com spokesperson said that the crypto exchange “today offers some of the strongest liquidity on the BTC/USD and USDT pairs.”
21.co partners with multiple crypto firms to improve offerings
In addition to Crypto.com’s high liquidity and compliance standards, 21BTC is integrated with Chainlink’s proof of reserve to provide greater transparency to investors.
Source: 21.co
21.co wrapped tokens, including 21BTC, are not available to investors in certain jurisdictions, including the United States.
Related: 21Shares launches Injective ETP with staking on Euronext
21.co’s 21BTC recently launched on Ethereum
On Sept. 3, 21.co launched 21BTC on the Ethereum blockchain network, expanding its existing suite of wrapped tokens, including wrapped Avalanche (AVAX), Polkadot (DOT) and Solana (SOL) tokens.
21.co’s wrapped tokens on Ethereum. Source: 21.co
21.co’s user protections include cold storage and regulated third-party custodians. It partnered with market maker Flow Trader to manage the issuance of 21BTC.
WBTC is the most popular BTC wrapper, with over $9.5 billion in market capitalization, according to CoinMarketCap.
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