2 years ago
21.co, the genitor institution of crypto exchange-traded products supplier 21shares, has introduced a suite of wrapped tokens pegged to apical crypto assets crossed aggregate blockchains. The wrapped tokens are designed to summation liquidity and interoperability betwixt antithetic crypto networks.
21co Launches Wrapped Tokens for Cross-Blockchain Liquidity and Security
A wrapped cryptocurrency is simply a integer plus hosted connected 1 blockchain that is backed 1:1 by the underlying autochthonal plus from a antithetic blockchain. For example, WBTC is an Ethereum-based token afloat backed by bitcoin held successful Bitgo’s custody. Wrapped crypto assets let users to entree and utilize cryptocurrencies crossed antithetic blockchains portion inactive benefiting from the information and liquidity of the underlying asset.
“Defi needs cross-chain interoperability to beryllium successful, but up until this constituent existing solutions person been plagued by superior information vulnerabilities,” said Hany Rashwan, co-founder and CEO astatine 21.co. “We firmly judge defi is the future, and person agelong been committed to bridging accepted concern and decentralized concern with our acquisition and our products.”
21.co’s wrapped tokens are minted and burned done its proprietary plus absorption strategy Onyx. The institution says each tokens are 100% physically collateralized with assets held successful institutional-grade acold retention custody. The archetypal suite of wrapped tokens includes BTC, BNB, XRP, ADA, SOL, LTC, DOT, and BCH.
The Index Coop volition beryllium the archetypal to utilize 21.co’s wrapped token exertion to motorboat an scale money holding assets crossed antithetic blockchains. The institution believes its centralized attack to wrapping tokens provides superior information compared to existing decentralized bridging protocols which person been prone to exploits.
As interoperability betwixt blockchains increases successful importance, 21.co says that it aims to leverage its organization acquisition to supply unafraid solutions. The caller wrapped tokens people the company’s latest determination to assistance grow decentralized concern and span accepted and crypto finance.
What bash you deliberation astir 21.co’s caller suite of wrapped tokens? Share your thoughts and opinions astir this taxable successful the comments conception below.
English (US) 