21.co Launches New Wrapped Bitcoin as WBTC Faces Market Challenges 💰
21.co, the parent company of 21Shares, has launched a new Wrapped Bitcoin product (#21BTC ) on the Ethereum blockchain, collaborating with Flow Traders to ensure security by storing the underlying assets in cold storage, which removes the need for a bridge. Unlike other Bitcoin wrappers, 21BTC emphasizes stringent asset management and security protocols.
Meanwhile, the popular Wrapped Bitcoin product, #WBTC , is facing challenges due to scrutiny over BitGo’s partnership with TRON's Justin Sun. Concerns about this partnership led to Sky (formerly MakerDAO) limiting the use of WBTC, resulting in a supply decrease.
In response, competitors like Coinbase and DeFi protocol Threshold are exploring opportunities to challenge BitGo’s dominance and potentially merge WBTC with #tBTC to stabilize the market.
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