21.co integrates Chainlink’s proof of reserve on Solana and Ethereum

21.co, the parent company of cryptocurrency exchange-traded products issuer 21Shares, has integrated Chainlink Proof of Reserves to increase the transparency of its wrapped Bitcoin.

21.co will leverage Chainlink’s (LINK) proof-of-reserve service on the Solana (SOL) and Ethereum (ETH) mainnets, according to a press release on September 23. The integration aims to increase reserve transparency for 21.co’s wrapped Bitcoin, dubbed 21BTC.

21.co aims for on-chain reserve transparency for 21BTC

21BTC is set to be available on Solana in May 2024 and on Ethereum in early September 2024.

The token is backed 1:1 by BTC reserves held in cold storage and institutional custody. Chainlink’s service will publish the reserves on-chain for users to verify.

According to the press release, 21.co will use PoR through Onyx, the company’s digital asset management platform. The collaboration will give users access to real-time verification of their 21BTC reserves. Proof of reserves will also increase user and asset security throughout the minting process.

Chainlink Labs Chief Operating Officer Johann Eid stated in a statement that secure minting is a step towards further growth in tokenization.

Beyond transparency, the partnership with Chainlink increases 21BTC’s overall decentralization across the Ethereum and Solana chains.

This aligns with the crypto industry’s broader push towards a decentralized ecosystem, focusing on areas such as real-world assets, decentralized finance, global commerce, and gaming.