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Cryptocurrency News Articles
21.co Integrates Chainlink Proof of Reserve to Enhance Transparency and Security for Its Wrapped Bitcoin Product, 21BTC
Sep 24, 2024 at 05:46 pm
By integrating Chainlink's Proof of Reserve on both Solana and Ethereum, 21.co has enhanced transparency for its Wrapped Bitcoin product, 21BTC.
21.co, the parent company of 21Shares, has integrated Chainlink’s Proof of Reserve with its Wrapped Bitcoin product, 21BTC, on both Solana and Ethereum. This integration enhances transparency and ensures that every 21BTC token is fully collateralized 1:1 by Bitcoin.
Launched on Solana in May 2024, 21BTC offers users a decentralized way to engage with applications, while maintaining peace of mind. The product is designed to be scalable, efficient, and secure.
21.co, the parent company of 21Shares, utilizes 21BTC to enable real-time verification, ensuring that every 21BTC token is fully collateralized 1:1 by Bitcoin, which is held securely in cold storage. This system differs from traditional “lock-and-mint” methods, which can be vulnerable to attack. 21BTC utilizes cold storage and institutional-grade third-party custodians to protect assets.
By avoiding the need for bridges, the system provides an extra layer of security. Chainlink’s decentralized infrastructure, which manages over $15 trillion in transaction value, was chosen for its ease of integration and reliability.
Enhanced Transparency and Security for 21BTC
The integration with Chainlink ensures that token minting only occurs when sufficient Bitcoin reserves are available, preventing over-minting and allowing users to monitor reserves in real time. This enhances trust and confidence in the system.
Eli Ndinga, Head of Strategy at 21.co, emphasized the importance of Proof of Reserve in providing transparency, noting that this same technology is used in their spot Bitcoin ETFs. Ndinga also highlighted that the partnership with Chainlink sets a new standard for tokenized products like 21BTC.
“Proof of Reserve is a critical tool for ensuring transparency in the cryptocurrency industry. We’re excited to integrate Chainlink’s Proof of Reserve with 21BTC on both Solana and Ethereum to provide users with a way to independently verify our reserves at all times. This same technology is used in our spot Bitcoin ETFs, and we believe that it will set a new standard for tokenized products like 21BTC.”
Chainlink has been expanding its strategic partnerships recently, contributing to the positive market conditions. These partnerships include Chainlink’s Proof of Reserve securing 21.co’s Wrapped Bitcoin on Solana and Ethereum, and collaborations with Fireblocks for secure stablecoin issuance, and Sony’s Soneium, which integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to support blockchain growth across multiple chains.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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