Chainlink News: Enhancing Transparency with 21.co's Proof of Reserve Integration

Monday, 23 September 2024, 11:46

Chainlink news highlights the recent integration by 21.co of Chainlink's Proof of Reserve for improved transparency in Wrapped Bitcoin. This innovation allows real-time verification of Bitcoin reserves, ensuring each token is fully backed 1:1. Users can now trust that their 21BTC is underpinned by actual Bitcoin stored securely.
Beincrypto
Chainlink News: Enhancing Transparency with 21.co's Proof of Reserve Integration

Chainlink's Impact on Bitcoin Transparency

21.co, the parent company of 21Shares, has recently integrated Chainlink's Proof of Reserve for enhanced transparency regarding Wrapped Bitcoin, known as 21BTC. This integration, available on Solana and Ethereum, enables real-time verification of Bitcoin reserves backing 21BTC, ensuring that each token is fully collateralized 1:1 by Bitcoin secured in cold storage.

Boosting Confidence in 21BTC

Launched in May 2024, 21BTC aims to provide users with a trustworthy digital asset. With the backing of Chainlink's sophisticated verification system, users can have increased confidence in the transparency and security of their investments.

  • Real-time verification ensures trustworthiness.
  • The integration is pivotal for users of Wrapped Bitcoin.
  • Chainlink PoR significantly enhances transparency.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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