TL;DR
- 21.co has built-in Chainlink Proof of Reserve on the Solana and Ethereum mainnets to improve the transparency of its Wrapped Bitcoin (21BTC).
- 21BTC, launched in Could 2024, is a local token absolutely backed 1:1 by Bitcoin reserves, which are held in chilly storage and underneath institutional custody.
- The implementation of Chainlink is essential to make sure the minting means of 21BTC and gives customers with assurances about its full backing.
21.co is working arduous to enhance the transparency of its Wrapped Bitcoin, generally known as 21BTC, by integrating Chainlink Proof of Reserve expertise on the Solana and Ethereum mainnets.
This integration will allow real-time verification of the Bitcoin reserves backing 21BTC, making certain a safe and dependable minting course of. With this measure, the corporate goals to supply customers larger peace of thoughts relating to the solidity of their digital property.
.@21co__ has built-in Chainlink Proof of Reserve (PoR) on @ethereum & @solana to improve reserves transparency for 21BTC, its wrapped Bitcoin.
How PoR gives the Ethereum & Solana ecosystems with assurances that 21BTC is absolutely backed 1:1 by BTC👇https://t.co/kUqFTlofcJ pic.twitter.com/SD6UdG4ABV
— Chainlink (@chainlink) September 23, 2024
Launched in Could 2024, 21BTC is designed to be a local token fully backed 1:1 by Bitcoin reserves, that are held in chilly storage and underneath institutional custody.
The latest enlargement of 21BTC to Ethereum, introduced in September 2024, enhances its preliminary launch on Solana, offering customers with native entry to Bitcoin in a easy and safe method that favors cross-chain compatibility and promotes market liquidity.
21.co Goals to Set up New Safety Requirements within the Business
Business leaders have praised this partnership, highlighting its significance for making a safer blockchain infrastructure. In accordance to Johann Eid, Chief Enterprise Officer at Chainlink Labs, the implementation of Chainlink Proof of Reserve is important to safe the minting perform of 21BTC, which in flip facilitates the tokenization of values available in the market. Eliezer Ndinga, Head of Technique and Enterprise Growth for Digital Belongings at 21.co, additionally emphasised the significance of this expertise in offering customers with ensures concerning the token’s full backing.
The combination of Chainlink presents a number of key advantages, together with the creation of programmatic utility, permitting protocols to construct automated logic round reserve knowledge. Moreover, it ensures safety towards malicious minting by cryptographic ensures that again the minting of recent tokens. This decentralized and clear strategy allows customers to independently confirm the collateralization of their property in actual time.
The adoption of Chainlink Proof of Reserve is a strategic transfer by 21.co that seeks not solely to enhance transparency but in addition to set up a regular within the business for safety and belief in cryptocurrencies.