TechFlow news, September 3 — According to Cryptoslate, 21.co, the parent company of 21Shares, announced the launch of a new wrapped Bitcoin product called 21BTC on the Ethereum blockchain. The company stated it is collaborating with leading global market maker Flow Traders, aiming to provide customers with "peace of mind" as they explore decentralized applications and new opportunities on Ethereum.
What sets 21BTC apart is that its underlying assets are securely stored in cold wallets without relying on bridge technology. Eliezer Ndinga, Head of Strategy and Business Development at 21.co, emphasized that as one of the world's largest issuers of crypto ETPs, the company is bringing rigorous asset management best practices and operational excellence into the wrapped asset space.
The launch comes amid current challenges facing Wrapped Bitcoin (WBTC). With a market cap of approximately $9 billion, WBTC has recently drawn scrutiny due to issues related to BitGo and TRON founder Justin Sun. On August 9, BitGo announced it would transfer control of WBTC to a joint venture involving cryptocurrency custody platform BiT Global and Sun, sparking concerns within the community.
