21.co has partnered with Crypto.com to source Bitcoin liquidity for its Wrapped Bitcoin product, 21BTC.
In its press release, the asset manager stated the collaboration would help improve the service offerings for 21BTC users by leveraging the exchange’s deep liquidity, competitive fees, and advanced matching engine.
Crypto.com will provide Bitcoin liquidity for the asset manager’s retail and institutional clients across Ethereum and Solana networks. According to 21.co, this partnership enables clients to utilize their “idle Bitcoin” across multiple blockchain networks.
The asset manager is making moves to solidify its growing presence in the wrapped tokens space, which it entered in early 2023. It now has over 10 wrapped cryptocurrency products in its portfolio.
It claimed it designed 21BTC to offer institutional-grade security to its users; its underlying Bitcoin is securely held in cold storage. Unlike traditional “lock-and-mint” systems, the solution does not require a bridge, thereby improving both security and user trust in the product.
Notably, 21.co launched the wrapped bitcoin product on the Ethereum blockchain on September 3 as part of a strategic collaboration with Flow Traders, a global market maker. The firm launched the product on the Solana blockchain in May.
Eliezer Ndinga, Head of Strategy and Business Development at 21.co, expressed excitement about integrating 21BTC with Crypto.com. He described the partnership as a powerful combination of digital asset innovation. He emphasized Crypto.com’s global reach, serving over 100 million users, and 21 co’s expertise as a leading crypto ETP issuer.
Eric Anziani, President and COO of Crypto.com, emphasized the significance of the partnership, stating,
“this collaboration showcases how our exceptional liquidity can enhance the innovations of firms like 21.co, as we continually strive to better serve our customers.”
Both companies plan to build on the partnership for other future endeavours.
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