21.co, the parent company of 21Shares, has partnered with Crypto.com to improve the liquidity and custody of its wrapped digital assets, including its flagship 21.co Wrapped Bitcoin (21BTC).
According to a Monday, 7 October 2024, press release, the collaboration will enable 21.co to tap into Crypto.com’s robust liquidity, competitive fee structure, and advanced matching engine to strengthen the liquidity of 21BTC.
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21.co is known for offering crypto exchange-traded products (ETPs) through its affiliate, 21Shares. It also provides blockchain infrastructure technology.
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Deal Extends To Other Wrapped Tokens
However, the deal extends beyond just Bitcoin. Other wrapped tokens from 21.co, such as 21.co Wrapped Solana (21SOL), 21.co Wrapped BNB (21BNB), 21.co Wrapped Bitcoin Cash (21BCH), and 21.co Wrapped Cardano (21ADA), may also benefit from the increased liquidity, pending future announcements.
🚨Just in: https://t.co/vKBN88QQPm has teamed up with https://t.co/TzGqf4IbNa to enhance #Bitcoin liquidity for 21BTC, focusing on the Ethereum and Solana ecosystems.#CoinPedia #CryptoNews #ETH #SOL #Blockchain pic.twitter.com/eevivA02UH
— Coinpedia (@CoinpediaNews) October 7, 2024
“We are thrilled to integrate 21BTC with Crypto.com, enhancing user access to crypto and marking the starting point of a long-term, strategic partnership,” said Eliezer Ndinga, 21.co’s Head of Strategy and Business Development for Digital Assets.
“As two leaders in digital asset innovation, know-how and operations, the 21.co–Crypto.com partnership creates a powerful combination.”
However, the partnership does come with limitations. Due to regulatory challenges, 21.co’s wrapped tokens are not available in certain regions, including the US.
As such, users in these areas will be unable to mint or burn 21.co’s wrapped assets. This is due to the hurdles that crypto companies face in navigating global regulatory landscapes.
“This partnership is a strong demonstration of how our exceptional liquidity can support the innovations of companies like 21.co and how Crypto.com is constantly aiming to better serve our existing customers,” said Eric Anziani, President and COO of Crypto.com.
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Crypto.com Resumes Expansion With Standard Chartered Partnership
Last week, Crypto.com announced the launch of its global retail services from its regional hub in Dubai. It is a part of a partnership with Standard Chartered. Under the deal, the bank will provide Crypto.com with tailored banking and payment solutions.
Beginning next month, users in the UAE will gain access to Crypto.com’s suite of retail products and services via its app. These services include the ability to buy, sell, and trade over 250 cryptocurrencies. Following the initial rollout in the UAE, the service will be gradually extended to retail customers worldwide. The introduction of effortless fiat deposit and withdrawal options can be seen as a crucial step in crypto adoption.
Read more: How to Buy Bitcoin in Dubai: The 4 Best Ways (Updated 2024)
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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