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21.co’s Latest Attempt to Save Bitcoin Wrappers From Themselves: Because Clearly We Need More Complexity (And a Side of Speculation)

BitcoinBlockchainCrypto News Kevin Nelson September 24, 2024

A complex web of cryptocurrency wrappers, with Wrapped Bitcoin (WBTC) at the center, surrounded by Chainlink's proof of reserve chains, while Coinbase's cbBTC token rises in popularity amidst speculation about its safety. In the background, a custodian holding spot BTC is shown to be under scrutiny.

The never-ending saga of Bitcoin wrappers, where the only thing more abundant than hot air is speculation about their backing. It’s like watching a train wreck in slow motion – you know it’s going to end badly, but can’t look away from the sheer absurdity of it all.

21.co thinks they’ve solved the problem by adding Chainlink proof of reserve to 21BTC, because clearly, what this market needed was more complexity and bureaucratic jargon. ‘Protects against malicious minting’ – yeah, good luck with that. The only thing these wrappers are protecting is their investors from themselves.

Meanwhile, Coinbase’s cbBTC has surged in popularity, mainly due to its catchy name and the fact that it sounds like a hip new cocktail bar downtown. But seriously, folks, this token has been subject to speculation about its safety, with some people wondering if they’ll ever see their BTC backing again. Ah, but don’t worry, BlackRock is on top of things – just ask them nicely, and they might show you the proof.

And so it goes in the wild west of cryptocurrency, where the only thing more plentiful than scams are apologists for said scams.

Source: cointelegraph

21.co Bitcoin wrapper to add Chainlink proof of reserve
https://cointelegraph.com/news/21-co-bitcoin-wrapper-chainlink-proof-of-reserve
The parent company of cryptocurrency asset manager 21Shares, 21.co, announced on Sept. 23 that it is adding Chainlink’s proof of reserve to 21BTC to address potential concerns about the Bitcoin wrapper’s backing.  Integrating proof of reserves into 21BTC on Ethereum and Solana “protects against malicious minting by embedding cryptographic guarantees that new tokens minted are backed by reserves,” 21.co said.  The announcement follows a wave of skepticism among cryptocurrency retail […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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