21.co integrates Chainlink’s proof of reserve on Solana and Ethereum

21.co, the parent company of 21Shares, a prominent issuer of crypto exchange-traded products, has integrated Chainlink Proof-of-Reserve to bolster the transparency of its wrapped Bitcoin.

According to a press release on September 23, 21.co is utilizing Chainlink’s Proof of Reserve service across both the Solana and Ethereum mainnets. This integration aims to enhance the transparency of reserves for 21.co’s wrapped Bitcoin product, 21BTC.

Launched on Solana in May 2024 and on Ethereum in September 2024, 21BTC is fully backed 1:1 by Bitcoin reserves held securely in cold storage. Chainlink’s service will broadcast these reserves on-chain, allowing users to independently verify the backing of 21BTC.

Furthermore, 21.co plans to leverage the Proof-of-Reserve service via Onyx, its digital asset management platform. This collaboration will provide real-time verification of 21BTC’s reserves, significantly strengthening both user confidence and asset security during the minting process.

According to Johann Eid, Chief Business Officer at Chainlink Labs, secure minting is a key step toward advancing tokenization and decentralization. Beyond improving transparency, the partnership with Chainlink enhances the overall decentralization of 21BTC on both Ethereum and Solana.

This initiative aligns with the broader push within the cryptocurrency industry toward a more decentralized ecosystem, focusing on areas such as decentralized finance, real-world assets, global trade, and gaming.