Lưu trữ cho từ khóa: Wrapped Bitcoin

Bitcoin

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

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21.co, the parent company of 21Shares, has announced a strategic partnership with Crypto.com.

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

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

This allows users to benefit from Bitcoin’s value while also interacting with decentralized finance applications. DeFi is a system of financial services built on blockchain technology, offering alternatives to traditional financial services without intermediaries like banks.

Partnership details

This partnership will allow 21.co to leverage Crypto.com’s vast liquidity pool, meaning that the exchange will help provide Bitcoin to back 21BTC tokens. Crypto.com will also offer competitive fees and advanced trading technology, helping 21.co improve the efficiency of its wrapped Bitcoin product.

Eliezer Ndinga, Head of Strategy at 21.co, highlighted the significance of integrating 21BTC with Crypto.com, citing it as a key step in improving crypto accessibility for users. 

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

Eliezer Ndinga

The companies plan to expand their partnership further in the future, though specific details are yet to be announced. As demand for crypto products grows, partnerships like this aim to streamline access and improve liquidity for both retail and institutional traders globally.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Coinbase launches cbBTC, a wrapped Bitcoin token

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Coinbase is rolling out cbBTC — Coinbase Wrapped BTC — an ERC20 token backed 1:1 by Bitcoin, which Coinbase holds.

According to a press release shared with crypto.news, the cbBTC token is now available on Base and Ethereum (ETH).

Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on Ethereum or other blockchains, giving BTC holders access to DeFi applications. Coinbase’s cbBTC is the latest addition to the wrapped asset category, following the likes of WBTC (WBTC). 

In August, Coinbase posted a cryptic tweet about a new wrapped Bitcoin product. The news was announced on Coinbase’s official X account with a simple “cbBTC” followed by a “coming soon” comment.

Then, on Sept. 11, the Base X account tweeted a logo that was assumed to be the logo for the cbBTC. 

Details of cbBTC 

Coinbase users can now convert their Bitcoin to cbBTC when transferring from their accounts to Base or Ethereum addresses. This token can be used in popular DeFi protocols like Aave (AAVE), Compound (COMP), and MakerDAO, allowing users to lend, borrow, and earn yields with their Bitcoin.

CbBTC also ensures secure liquidity by being fully backed by Bitcoin held in Coinbase custody, which has a track record of over 10 years. This move aims to provide more utility for Bitcoin holders, allowing them to access decentralized finance applications using the Bitcoin they already own.

How cbBTC works

When sending BTC from Coinbase to an address on Base or Ethereum, it will be automatically converted 1:1 to cbBTC. When receiving cbBTC in the Coinbase account, it will be converted 1:1 from cbBTC to BTC.

CbBTC will not have a separate order book or trading pair on Coinbase. However, it will be available to trade on DEXs using Coinbase Wallet and may be listed on other third-party exchanges that choose to support it.

At launch, cbBTC send and receive will be available on Coinbase in the U.S. (excluding New York State), the UK, EEA states, Singapore, Australia, and Brazil. It will also be accessible globally on Base and Ethereum.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

21co rolls out Wrapped Bitcoin on Ethereum blockchain

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21.co is expanding the lineup of wrapped tokens, bringing its Wrapped Bitcoin to the Ethereum blockchain.

21.co, the parent company of crypto exchange-traded products provider 21Shares, has announced the launch of its Wrapped Bitcoin (21BTC) on the Ethereum blockchain.

In a Sept. 3 press release, the company said the latest product is launched in partnership with Flow Traders, one of the world’s largest market makers. Unlike traditional “lock-and-mint” methods, 21.co emphasizes that it stores the underlying assets in cold storage without the need for a bridge.

Eliezer Ndinga, head of strategy and business development, digital assets at 21.co, says the launch of 21BTC on Ethereum allows customers to “have peace of mind as they explore decentralized applications and new opportunities on the Ethereum blockchain – and 21.co is utilizing our knowledge and economies of scale managing crypto ETPs to make this a reality.”

Wrapped tokens are digital assets that represent a cryptocurrency from one blockchain on another blockchain. They are typically backed one-to-one by the original asset and allow users to utilize the value of the original cryptocurrency on different blockchain networks, increasing liquidity and enabling cross-chain transactions.

For example, Wrapped Bitcoin allows (BTC) holders to use the cryptocurrency within the Ethereum ecosystem for decentralized finance activities.

In addition to Wrapped Bitcoin, 21.co also boasts a set of other wrapped tokens, including for Binance Coin (BNB), (XRP), Avalanche (AVAX), and others. Its wrapped tokens are also built on Onyx, 21.co’s proprietary digital asset lifecycle platform, which has facilitated the creation and redemption of over $6.7 billion in crypto-backed products.

The latest addition comes just a few months after in May, 21.co launched 21BTC on Solana, offering users native access to Bitcoin on the Solana network.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News