21.co has launched a range of wrapped tokens, including wrapped bitcoin, XRP and solana, to help grow DeFi adoption.
, has entered the space of wrapped tokens to help grow the adoption of decentralized finance .
21.co has launched eight wrapped tokens — including for bitcoin, BNB, XRP, cardano and others — the company said Tuesday. Like 21. co's other products, its wrapped tokens are also built on its proprietary operating system, Onyx.are digital assets that represent the exact value of an original cryptocurrency from a different blockchain. They enable cross-chain compatibility, allowing assets like bitcoin to operate on Ethereum and be used in decentralized finance applications.
When asked why it is launching wrapped tokens in the current bearish market, Krishnan Nair, vice president of product at 21.co, said the bear market is for building."While macro conditions have been challenging, our goal is to help elevate the crypto ecosystem, as a whole," Nair told The Block."We have been in the business of bridging traditional finance and crypto for years.
The IC21 token could be a good option for those allocating to crypto for the first time, according to Index Coop."As the crypto market matures, we believe more assets are likely to establish their value and longevity, similar to BTC and ETH, continuing to create demand for an evergreen large-cap product," the collectivein a product proposal late last month."Additionally, IC21 provides an outlet for crypto users currently allocated to the theme to simplify their long-term strategy.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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