21Shares (21.co), launches the 21.co Wrapped Tokens. These new tokens are a combination of different crypto assets, leading by market capitalisation, that exist on different blockchain networks.
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By ETFWorld.co.uk
Hany Rashwan, co-founder and CEO of 21Shares
Wrapped tokens are designed to simplify the use of cryptocurrencies by allowing them to be used across different blockchains. This can solve problems with security and connectivity between different blockchains. 21.co is uniquely positioned to deliver institutional security and liquidity at scale through the suite – backed by Onyx, the company’s proprietary operating system that has created and managed more than $3.3 billion in crypto-backed assets.
Through this technology, DeFi (Decentralised Finance) users can access a larger pool of assets without being tied to a specific blockchain ecosystem. Thus, accessibility is better and this in turn facilitates the scaling of DeFi as a whole. Until now, connecting different blockchains has been a technical challenge for the DeFi community. Existing solutions, such as bridging protocols, were prone to security issues and jeopardised trust in blockchain technology.
The new 21.co Wrapped Tokens enable secure access to the most popular alt-layer one protocol tokens in the Ethereum ecosystem, which are distributed across different blockchains. Onyx, developed by 21.co, ensures that the creation and deletion of these tokens is fast and secure. The 21.co wrapped tokens are 100% backed by physical assets and held offline (cold storage) by a high quality institutional custodian.
Hany Rashwan, co-founder and CEO of 21.co says: “To be successful, DeFi needs a connection between different blockchain networks. However, previous solutions have been plagued by significant security issues. We strongly believe that DeFi is the future and have long been committed to using our experience and products to bridge the gap between traditional finance and decentralised finance. With our centralised wrapped tokens, we are providing the community with much needed technology to successfully push DeFi forward.”
Thanks to the support of 21.co Wrapped Tokens, Index Coop is the first organisation to offer an index token across multiple blockchains: the Index Coop Large Cap Index (IC21). Thanks to 21.co’s technology, various blockchain tokens outside the Ethereum network are integrated into the IC21 token.
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
Source: ETFWorld.co.uk
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