- 21.co and Crypto.com have announced a strategic partnership.
- 21.co said the tie-up would bolster its wrapped Bitcoin offering.
- The two companies aim to enhance access to wrapped tokens with “best” management practices.
21Shares’ parent company 21.co has forged a strategic partnership with Crypto.com to enhance the liquidity and custody of its wrapped tokens, including the 21.co Wrapped Bitcoin (21BTC).
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21.co provides crypto exchange-traded products (ETPs) via its 21Shares affiliate and blockchain infrastructure technology. The company’s products are built on Onyx, its proprietary operating system that also serves third parties.
21.co’s Partnership with Crypto.com
According to a press release dated October 7, the partnership will see 21.co leverage Crypto.com’s deep liquidity, competitive fees, and advanced matching engine to source Bitcoin liquidity for its 21BTC product.
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Other 21.co wrapped tokens likely to benefit from the partnership, pending “future announcements in the pipeline,” include the 21.co Wrapped Solana (21SOL), 21.co Wrapped BNB (21BNB), 21.co Wrapped Bitcoin Cash (21BCH), and 21.co Wrapped Cardano (21ADA).
Eliezer Ndinga, the Head of Strategy and Business Development of Digital Assets at 21.co lauded the partnership, noting that it would bring asset management best practices and operational excellence to the realm of wrapped tokens.
“We are thrilled to integrate 21BTC with Crypto.com, enhancing user access to crypto and marking the starting point of a long-term, strategic partnership. As two leaders in digital asset innovation, know-how and operations, the 21.co–Crypto.com partnership creates a powerful combination.” Ndinga stated.Per the statement, 21.co wrapped tokens are unavailable in certain jurisdictions, such as the U.S., underscoring how crypto companies face regulatory hurdles when scaling innovation. The companies reiterated that users in the U.S. won’t be allowed to mint or burn these tokens.
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