21Shares Unveils Wrapped Bitcoin '21BTC' on Ethereum for Seamless Cross-Chain Transactions

21Shares Unveils Wrapped Bitcoin '21BTC' on Ethereum for Seamless Cross-Chain Transactions

21.co, the parent company of leading crypto ETP issuer 21Shares, has launched a wrapped Bitcoin, 21BTC, on the Ethereum blockchain. 21BTC is an ERC-20 token pegged to BTC, enabling users to seamlessly bridge the gap between the Bitcoin and Ethereum ecosystems. This innovative move unlocks exciting new possibilities for cross-chain DeFi applications and simplifies the integration of Bitcoin into smart contract-based platforms. 21BTC offers several advantages over native Bitcoin. As an ERC-20 token, it can be transferred and traded on the Ethereum network with faster transaction times and lower fees compared to on-chain Bitcoin transactions. It also opens up new avenues for yield farming and liquidity provision within the Ethereum DeFi ecosystem, allowing users to earn rewards and capitalize on yield-generating opportunities. "By launching 21BTC, we're removing the barriers between Bitcoin and the rapidly growing Ethereum DeFi space," said Hany Rashwan, CEO of 21Shares. "This will empower users with greater flexibility and efficiency in managing their digital assets and accessing innovative financial products." The launch of 21BTC marks a significant milestone in the convergence of the Bitcoin and Ethereum ecosystems. It not only enhances interoperability but also paves the way for the creation of more sophisticated and interconnected crypto applications.