21.co and Crypto.com today announced a collaboration to provide lending services for 21.co’s Wrapped Bitcoin or 21BTC. By integrating with 21BTC, Crypto.com’s liquidity and technology help accelerate optimization for the latter. Both companies aim for future product developments.
Crypto.com to Provide Liquidity for 21BTC on Ethereum and Solana
In partnership with Crypto.com, 21.co will have Crypto.com supply the liquidity for 21.co’s Wrapped Bitcoin (21BTC), delivering the best Bitcoin experience across Ethereum and Solana.
Crypto.com’s competitive fees and state-of-the-art matching engine ensure efficient and low-cost liquidity. Eliezer Ndinga, Head of Strategy at 21.co, stated,
“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 and Crypto.com partnership creates a powerful combination.”
21.co wrapped assets, including 21BTC, integrate institutional security with cold storage and regulated custodians.
The addition of Chainlinks’ proof of reserve, along with Crypto.com’s liquidity, ensures users’ transparency. With this integration, users can now securely and easily deploy their idle Bitcoin across multiple blockchain networks.
Expanding Access to Crypto Liquidity Globally
The partnership enhances cryptocurrencies’ access and liquidity for retail and institutional traders. The Crypto.com President and COO, Eric Anziani, added, “The innovations of companies like 21.co and how Crypto.com is constantly aiming to better serve our existing customers.”
With over 100 million users, Crypto.com’s user base will have more crypto trading options, as 21.co’s products will have better reach within the Crypto.com ecosystem.
The firms plan future product development to enhance interoperability and liquidity, driving innovation. This collaboration aims to help further link traditional finance and DeFi markets.
Wrapped Bitcoin and DeFi Expansion
21.co recently introduced 21BTC on the Ethereum blockchain and also added other wrapped tokens such as Avalanche (AVAX), Polkadot (DOT), and, more recently, Solana (SOL).
21BTC provides utility on blockchains and is strengthened by Crypto.com’s liquidity provision for DeFi use cases such as lending, borrowing, and collateralization. This will also allow users to deploy Bitcoin across multiple chains.
21.co works with market maker Flow Traders to provide operational efficiency to the surrounding assets. This benefit is that it makes DeFi and cross-chain capability much more liquid for Bitcoin on different chains.
The trading market has been smooth, with Bitcoin remaining liquid on major pairs such as BTC/USD and USDT thanks to the exchange’s trading infrastructure. This partnership brings interoperability easement, and users can use Bitcoin on smart contract platforms such as Ethereum.
