21co launches wrapped versions of bitcoin, XRP and other tokens

Quick Take

  • 21.co has launched a range of wrapped tokens, including wrapped bitcoin, XRP and solana.
  • Based on these 21.co wrapped tokens, Index Coop will launch a new index token that will provide access to non-EVM blockchain tokens to Ethereum.

21.co, the parent company of crypto exchange-traded products (ETPs) provider 21Shares, has entered the space of wrapped tokens to help grow the adoption of decentralized finance (DeFi).

21.co has launched eight wrapped tokens — including for bitcoin, BNB -0.68% , 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.

Wrapped tokens 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 ETH + and be used in decentralized finance (DeFi) applications. This enhances cross-chain liquidity and expands the utility of crypto assets.

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. We are bringing similar operational efficiency to provide wrapped tokens to the DeFi community, in this instance, bridging DeFi and CeFi."


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Wrapped tokens index

Index Coop, a collective that provides crypto indices, will offer a new index powered by 21.co wrapped tokens. Called Index Coop Large Cap Index (IC21), the index will give access to the range of 21.co wrapped tokens with one IC21 token. Specifically, the token will provide access to a number of non-Ethereum Virtual Machine (EVM) blockchain tokens on the Ethereum network.

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 collective said in 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.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.


To contact the editor of this story:
Tim Copeland at
[email protected]