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

Crypto.information – 21co, the dad or mum firm of 21Shares, has expanded its product choices by launching eight wrapped tokens.

21co, the dad or mum 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 purpose to place itself as an enabler for cross-chain compatibility.

Wrapped tokens are primarily digital property that mirror the worth of crypto from different blockchains. By doing so, these tokens facilitate the interoperability of various blockchain networks, a characteristic essential for increasing the utility of crypto property.

They operate as a bridge, permitting crypto like Bitcoin to be suitable with the (ETH) community and thereby be employed in decentralized functions (defi) functions. This not solely will increase liquidity throughout chains but additionally opens up new prospects for asset utilization in decentralized methods.

When questioned in regards to 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 durations for innovation and progress.

“Whereas macro situations have been difficult, our objective is to assist elevate the crypto ecosystem as a complete,” Nair acknowledged. 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