21.co has announced the integration of the industry-standard Chainlink Proof of Reserve on both Solana and Ethereum mainnets to increase the transparency of 21BTC. The firm announced the growth of its Wrapped Bitcoin ecosystem with the rollout of 21BTC on Ethereum, partnering with Flow Traders.

The 21.co Wrapped Bitcoin is designed by institutions for the digital asset community, ensuring institutional security and mechanisms to safeguard user interests. Chainlink facilitated over USD 15 trillion in transactions Chainlink has facilitated over USD 15 trillion in transactions, providing an easy-to-integrate infrastructure. It's the preferred decentralised computing platform for integrating reserve data on-chain at 21.co.

The 21BTC token, native to Solana and Ethereum, is fully backed 1:1 by Bitcoin reserves stored securely. Users receive updates via Chainlink Proof of Reserve, ensuring transparency and collateralisation. This facilitates easier and more secure access to Bitcoin across both ecosystems, raising its role as a reliable digital asset.

Key benefits of Chainlink Proof of Reserve Programmatic Utility — by integrating reserve data on-chain, protocols can establish automated logic based on the reserve data supporting an asset, which paves the way for new use cases and features such as automated on-chain risk management. Confidence — with secure minting, Proof of Reserve safeguards against malicious minting by incorporating cryptographic assurances that newly minted tokens are backed by reserves, thereby preventing infinite mint attacks. Decentralized — as the industry-standard solution, Chainlink Proof of Reserve Feeds are decentralized at both the data source and Oracle node levels, removing central points of failure in sourcing and delivering external data to Solana and Ethereum. Transparent — Chainlink Proof of Reserve Feeds can be monitored in real-time by anyone, helping users to independently verify asset collateralization and increasing transparency and trust in on-chain products. The company is using Chainlink Proof of Reserve within 21.co’s digital asset management platform, Onyx, to automate real-time reserve verification and facilitate the secure minting of 21BTC. In May 2024, 21.

co-introduced 21BTC on Solana, providing users with native access to Bitcoin on the Solana network through a straightforward and secure solution that fosters cross-chain compatibility, liquidity, and utility. Source: Link .