21.co, the parent company of crypto exchange-traded products issuer 21Shares, has integrated the Chainlink Proof-of-Reserve to enhance the transparency of its wrapped Bitcoin.
According to a press release on Sept. 23, 21.co will leverage Chainlink (LINK)’s proof of reserves service on the Solana (SOL) and Ethereum (ETH) mainnets. The integration aims at increasing the reserves transparency for 21.co’s wrapped Bitcoin dubbed 21BTC.
21.co eyes on-chain reserves transparency for its 21BTC
21BTC launched on Solana in May 2024 and on Ethereum in early September 2024.
The token is backed 1:1 by BTC reserves held in cold storage and institutional custody. Chainlink’s service will broadcast the reserves on-chain for users to verify.
Per the press release, 21.co will use the PoR via Onyx, the company’s digital asset management platform. This collaboration will enable users to access real-time verification of 21BTC reserves. Proof-of-reserves will also bolster user and asset security during the minting process.
In a comment, Chainlink Labs Chief Business Officer Johann Eid stated that secure minting is a step toward further growth in tokenization.
Beyond transparency, the partnership with Chainlink enhances the overall decentralization of 21BTC on the Ethereum and Solana chains.
This aligns with the cryptocurrency industry’s broader push for a decentralized ecosystem, focusing on areas such as real-world assets, decentralized finance, global trade, and gaming.
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