Crypto.information – 21co, the mum or dad firm of 21Shares, has expanded its product choices by launching eight wrapped tokens.
21co, the mum or dad group of 21Shares, a supplier of crypto exchange-traded merchandise (ETPs), has made its foray into the world of wrapped tokens. With the launch of eight completely different wrapped tokens, together with these for (BTC), BNB, , and (ADA), the corporate appears to intention to place itself as an enabler for cross-chain compatibility.
Wrapped tokens are basically digital belongings that mirror the worth of crypto from different blockchains. By doing so, these tokens facilitate the interoperability of various blockchain networks, a function essential for increasing the utility of crypto belongings.
They perform as a bridge, permitting crypto like Bitcoin to be appropriate with the (ETH) community and thereby be employed in decentralized purposes (defi) purposes. This not solely will increase liquidity throughout chains but in addition opens up new prospects for asset utilization in decentralized methods.
When questioned concerning the timing of the launch, particularly given the present bearish sentiment surrounding the crypto market, Krishnan Nair, vp of product at 21co, emphasised that downturns are intervals for innovation and development.
“Whereas macro circumstances have been difficult, our purpose is to assist elevate the crypto ecosystem as an entire,” Nair said. The corporate believes that by extending their technical experience to the defi area, they’ll set up a extra seamless interplay between centralized finance (cefi) and decentralized platforms.
This text was initially printed on Crypto.information
