21.co and Crypto.com team up to improve wrapped Bitcoin liquidity

21Shares’ parent company, 21.co, announced a strategic partnership with Crypto.com.

The collaboration will develop liquidity and custody solutions for 21.co’s wrapped tokens, starting with wrapped Bitcoin (BTC).

Wrapped tokens like 21BTC allow users to use Bitcoin on other blockchains, such as Ethereum (ETH), by “wrapping” the original asset into a smart contract.

This allows users to leverage the value of Bitcoin while also interacting with decentralized finance applications. DeFi is a financial services system built on blockchain technology that offers alternatives to traditional financial services without intermediaries such as banks.

Partnership details

This partnership will allow 21.co to benefit from Crypto.com’s large liquidity pool, meaning the exchange will help support Bitcoin’s 21BTC tokens. Crypto.com will also help 21.co improve the efficiency of its wrapped Bitcoin product by offering competitive fees and advanced trading technology.

Eliezer Ndinga, Head of Strategy at 21.co, emphasized the importance of integrating 21BTC with Crypto.com, stating that this is an important step in improving crypto accessibility for users.

“Crypto.com is one of the world’s largest digital asset exchanges, serving more than 100 million users worldwide. “As one of the world’s largest crypto ETP issuers, 21.co brings asset management best practices and operational excellence to the world of wrapped assets.”

Eliezer Ndinga

The companies plan to further expand their partnership in the future, but specific details have not yet been announced. As demand for crypto products grows, partnerships like this aim to facilitate access and improve liquidity for both retail and institutional investors globally.