In a bid to ensure massive adoption of cryptocurrency, renowned virtual assets trading platform, Crypto.com has partnered with 21.co. The exchange announced the partnership on Monday via its official page on X (formerly Twitter).
In the post, the firm described the collaboration as an attempt to boost the offering of 21.co’s cryptocurrency exchange-traded products (ETPs). More so, the partnership will first focus on 21.co Wrapped BTC; 21BTC.
As revealed, Crypto.com will provide Bitcoin liquidity for 21BTC. As part of its role, the exchange will provide the BTC needs liquidity demands of 21.co’s retail and institutional customers on Ethereum and Solana network.
In addition, 21.co indicated that it will leverage the collaboration to provide a pathway for investors to invest their idle BTC holdings across different blockchains. Meanwhile, the new partners promised to work on more initiatives in the future.
Recall that in August, Crypto.com became the official partner of the UEFA Champions League after signing a multi-year deal with the professional football body. As per the exchange, the partnership is aimed at bringing cryptocurrency closer to potential mainstream adopters through the major club football competition.
How the President of Crypto.Com Reacted to the Partnership
The president and chief operating officer of Crypto.com, Eric Anziani provided more insight into the collaboration. The president highlighted how the partnership underlines how the vast liquidity of the exchange can assist innovations from top companies like 21.co.
Also, Anziani added that the synergy demonstrates how the exchange is working intensively to serve its users better.
Numerous Expansion Effort by 21.co
It is worth mentioning that the collaboration with Crypto.com surfaced shortly after 21.co the parent company of crypto asset manager, 21shares launched its Warpped BTC, 21BTC on the Ethereum network. Since its launching in May, 2024, 21.co has extended support for the token to various networks like Solana, Avalanche, and Polkadot.
According to 21.co, 21BTC is crafted to ensure the best asset management practices in the world of wrapped assets. The firm relies on cold storage and some regulated third party custodians to protect users assets.
Recently, the firm partnered with Flow Trader, a popular market maker to manage the issuing of 21BTC tokens. Similarly, 21.co integrated 21BTC with Chainlink’s innovative proof of reserve to establish transparency between the firm and its clients.
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