Chainlink integration enhances 21BTC reserves visibility

The integration of Chainlink’s PoR service with 21BTC sets a precedent for heightened standards in transparency and security within the cryptocurrency sector.

Crypto.com’s decision to mint 70 billion CRO tokens has sparked controversy, with critics questioning the exchange’s financial stability and transparency.

21Shares has announced the integration of Chainlink’s Proof-of-Reserve (PoR) service to improve the transparency of its wrapped Bitcoin, known as 21BTC. According to a press release on 23 September, the company will utilise Chainlink’s technology on the Solana and Ethereum mainnets. The integration aims to provide users with increased visibility of the reserves backing 21BTC, which launched on Solana in May 2024 and on Ethereum in early September 2024.

The 21BTC token is fully backed 1:1 by Bitcoin reserves held in cold storage and institutional custody. With Chainlink’s service, users can verify these reserves on-chain in real-time. The Proof-of-Reserve feature will also enhance security during minting, ensuring users can trust the system.

Johann Eid, Chief Business Officer at Chainlink Labs, noted that secure minting represents a significant step towards further growth in the tokenisation space. The partnership boosts transparency and contributes to the overall decentralisation of 21BTC across Ethereum and Solana, aligning with the broader push within the cryptocurrency industry for a more decentralised ecosystem.