21.co, the parent organization behind the crypto exchange-traded products issuer 21Shares, has adopted Chainlink Proof-of-Reserve to improve the transparency of its wrapped Bitcoin offerings.
As stated in a press release dated Sept. 23, 21.co intends to utilize Chainlink (LINK)’s proof of reserves service across the Solana (SOL) and Ethereum (ETH) mainnets. This integration aims to enhance the transparency of reserves for 21.co’s wrapped Bitcoin known as 21BTC.
21.co focuses on on-chain reserves transparency for its 21BTC
21BTC was introduced on Solana in May 2024 and on Ethereum in early September 2024.
This token is fully backed 1:1 by BTC reserves stored in cold storage and secured by institutional custody. Chainlink’s service will facilitate on-chain broadcasting of these reserves for user verification.
According to the press release, 21.co will implement the PoR through Onyx, its digital asset management platform. This partnership will empower users with real-time access to verify the 21BTC reserves. The proof-of-reserves will also enhance both user and asset security throughout the minting process.
In a statement, Chainlink Labs Chief Business Officer Johann Eid emphasized that secure minting is crucial for the advancement of tokenization.
Aside from enhancing transparency, the collaboration with Chainlink contributes to the overall decentralization of 21BTC within the Ethereum and Solana ecosystems.
This initiative is in alignment with the wider movement within the cryptocurrency sector toward a decentralized system, emphasizing sectors such as real-world assets, decentralized finance, global trade, and gaming.
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