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21.co, the parent company of crypto exchange-traded products issuer 21Shares, has integrated the Chainlink Proof-of-Reserve to enhance the transparency of its wrapped Bitcoin.
According to a <a href="https://www.21.co/blog-articles/21-co-integrates-chainlink-por-wrapped-bitcoin-21btc" target="_blank" rel="noopener noreferrer nofollow">press release</a> on Sept. 23, 21.co will leverage Chainlink (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/chainlink/">LINK</a>)’s proof of reserves service on the Solana (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/solana/">SOL</a>) and Ethereum (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethereum/">ETH</a>) mainnets. The integration aims at increasing the reserves transparency for 21.co’s wrapped Bitcoin dubbed 21BTC.
<h2 class="wp-block-heading" id="21-co-eyes-on-chain-reserves-transparency-for-its-21btc">21.co eyes on-chain reserves transparency for its 21BTC</h2>
21BTC launched on Solana in May 2024 and <a rel="noopener noreferrer nofollow" href="https://crypto.news/21co-rolls-out-wrapped-bitcoin-on-ethereum-blockchain/">on Ethereum</a> in early September 2024.
The token is backed 1:1 by BTC reserves held in cold storage and institutional custody. Chainlink’s service will broadcast the reserves on-chain for users to verify.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/zksync-integrates-chainlinks-ccip-for-cross-chain-interoperability/"> ZKSync integrates Chainlink’s CCIP for cross-chain interoperability </a>
Per the press release, 21.co will use the PoR via Onyx, the company’s digital asset management platform. This collaboration will enable users to access real-time verification of 21BTC reserves. Proof-of-reserves will also bolster user and asset security during the minting process.
In a comment, Chainlink Labs Chief Business Officer Johann Eid stated that secure minting is a step toward further growth in <a rel="noopener noreferrer nofollow" href="https://crypto.news/what-is-tokenization-and-how-does-it-work/">tokenization</a>.
Beyond transparency, the partnership with Chainlink enhances the overall decentralization of 21BTC on the Ethereum and Solana chains.
This aligns with the cryptocurrency industry’s broader push for a decentralized ecosystem, focusing on areas such as real-world assets, decentralized finance, global trade, and gaming.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/21shares-taps-chainlink-for-proof-of-reserve-of-its-ethereum-etf/"> 21Shares taps Chainlink for proof of reserve of its Ethereum ETF </a>

21.co integrates Chainlink’s proof of reserve on Solana and Ethereum

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