Ethereum

Cardano

Bitcoin

Read

mirror

21co, the parent company of 21Shares, has expanded its product offerings by launching eight wrapped tokens. 
21co, the parent organization of 21Shares, a provider of crypto exchange-traded products (ETPs), has made its foray into the world of wrapped tokens. With the <a href="https://21.co/tokens" data-type="link" data-id="https://21.co/tokens" target="_blank" rel="noopener noreferrer nofollow">launch</a> of eight different wrapped tokens, including those for Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), <a href="https://crypto.news/price/bnb/" data-type="link" data-id="https://crypto.news/price/bnb/" rel="noopener noreferrer nofollow">BNB</a>, <a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>, and Cardano (<a href="https://crypto.news/price/cardano/" data-type="link" data-id="https://crypto.news/price/cardano/" rel="noopener noreferrer nofollow">ADA</a>), the company seems to aim to position itself as an enabler for cross-chain compatibility. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 🎉We are excited to announce the launch of our new <a href="https://t.co/96BsFK8cc7" target="_blank" rel="noopener noreferrer nofollow">https://t.co/96BsFK8cc7</a> website! At <a href="https://t.co/96BsFK8cc7" target="_blank" rel="noopener noreferrer nofollow">https://t.co/96BsFK8cc7</a>, we are committed to bridging TradFi &amp; DeFi for crypto asset management. With our new website interface &amp; new features, stay tuned for exciting upcoming announcements! <a href="https://t.co/f5p8O8ovJq" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/f5p8O8ovJq</a>— 21.co (@21co__) <a href="https://twitter.com/21co__/status/1699062575852618166?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 5, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<a href="https://crypto.news/learn/what-are-wrapped-tokens-what-are-they-used-for/" data-type="link" data-id="https://crypto.news/learn/what-are-wrapped-tokens-what-are-they-used-for/" rel="noopener noreferrer nofollow">Wrapped tokens</a> are essentially digital assets that mirror the value of crypto from other blockchains. By doing so, these tokens facilitate the interoperability of different blockchain networks, a feature crucial for expanding the utility of crypto assets. 
 You might also like: <a href="https://crypto.news/learn/what-are-wrapped-tokens-what-are-they-used-for/" rel="noopener noreferrer nofollow"> Wrapped tokens, explained </a> 
They function as a bridge, allowing crypto like Bitcoin to be compatible with the Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) network and thereby be employed in decentralized applications (defi) applications. This not only increases liquidity across chains but also opens up new possibilities for asset utilization in decentralized systems. 
When questioned about the timing of the launch, especially given the current bearish sentiment surrounding the <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="noopener noreferrer nofollow">crypto market</a>, Krishnan Nair, vice president of product at 21co, emphasized that downturns are periods for innovation and growth. 
“While macro conditions have been challenging, our goal is to help elevate the crypto ecosystem as a whole,” Nair stated. The company believes that by extending their technical expertise to the defi space, they can establish a more seamless interaction between centralized finance (<a href="https://crypto.news/difference-between-cefi-and-defi/" data-type="link" data-id="https://crypto.news/difference-between-cefi-and-defi/" rel="noopener noreferrer nofollow">cefi</a>) and decentralized platforms. 
 Read more: <a href="https://crypto.news/ark-invest-and-21shares-join-forces-for-crypto-etfs/" rel="noopener noreferrer nofollow"> ARK Invest and 21Shares join forces for crypto ETFs </a>

21co introduces wrapped tokens of XRP, Bitcoin, other tokens

crypto.news

Other articles published on Sep 12, 2023

Matrixport Ramalkan Altcoin Bakal Crash

Conflux and Neo Explores Option for Growth, Pomerdoge Presale Almost Sell Out

Franklin Templeton files for Bitcoin spot ETF

Mobileye Stock Forecast: Will (NASDAQ: MBLY) Cross the $48 Mark?

Buterin unveils X account hack stemmed from SIM-swap attack

Terra Classic Price Prediction: LUNC Price Spikes After Upgrade

Join our free newsletter for daily crypto updates!