- 21.co, the parent company of 21Shares, has entered the field of Wrapped tokens to support the adoption of decentralized finance (DeFi).
- Wrapped tokens are digital assets that represent the full value of an original cryptocurrency from a different blockchain.
- When asked why Wrapped tokens were launched during the current bear market, Krishnan Nair, the Chief Product Officer of 21.co, stated that it was to build during the bear market.
21.co, the parent company of 21Shares, a provider of crypto exchange trading products, has launched a series of Wrapped Tokens to support the development of DeFi.
21.co Takes Action for Wrapped Tokens
21.co, the parent company of 21Shares, a cryptocurrency exchange-traded product provider, has entered the field of Wrapped tokens to support the adoption of decentralized finance (DeFi).
In an announcement made on Tuesday, 21.co launched eight Wrapped tokens, including Bitcoin, BNB, XRP, Cardano, and others. Like other products of 21.co, the Wrapped tokens are built on the proprietary operating system called Onyx.
Wrapped tokens are digital assets that represent the full value of an original cryptocurrency from a different blockchain. They allow assets like Bitcoin to operate on Ethereum and be used in decentralized finance (DeFi) applications. This increases cross-chain liquidity and expands the utility of cryptocurrencies.
When asked why Wrapped tokens were launched during the current bear market, Krishnan Nair, Chief Product Officer of 21.co, mentioned that it was for building during the bear market. Nair stated, “While macro conditions may be challenging, our mission is to elevate the entire crypto ecosystem,” and added, “We’ve been in the business of bridging traditional finance with crypto for years. We are bringing similar operational efficiency to offer Wrapped tokens to the DeFi community.”
Wrapped Token Index
Index Coop, a collective that offers crypto indexes, will introduce a new index supported by 21.co’s Wrapped tokens. The index, called the Index Coop Large Cap Index (IC21), will provide access to a range of 21.co Wrapped tokens through an IC21 token. Notably, this token will provide access to blockchain tokens that do not operate on the Ethereum Virtual Machine (EVM) on the Ethereum network.
According to Index Coop, the IC21 token could be a good option for those new to cryptocurrencies. In a product offering released last month, Index Coop stated, “As the crypto market matures, we believe that more assets like BTC and ETH are likely to maintain their value and longevity, creating ongoing demand for an evergreen large-cap product,” and added, “IC21 also offers a way to simplify long-term strategies for crypto users currently allocated to the theme.
