21.co integrates Chainlink to enhance 21BTC transparency via real-time Proof-of-Reserves
Ad 21.co has integrated Chainlink Proof of Reserve on Ethereum and Solana mainnet to enhance transparency for its wrapped Bitcoin product, 21BTC. This integration allows real-time reserve verification through the Onyx platform, ensuring secure minting and decentralized oversight. 21BTC is fully backed by 1:1 Bitcoin reserves in cold storage. In contrast, Coinbase's wrapped Bitcoin (cbBTC) faces criticism for its lack of transparency, with concerns raised about its Proof of Reserves. Coinbase's Chief Legal Officer clarified that the exchange's liability only covers lost Bitcoin, not losses from trades or leveraged positions. Despite scrutiny, cbBTC has gained popularity, becoming the third-largest wrapped Bitcoin token with a market capitalization of approximately $170 billion and over $1 billion in trading volume within 24 hours.
