Crypto Firm to Launch Polkadot ETP on Swiss Exchange SIX

Feb 3, 2021 | Bitcoin News | 0 comments

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21Shares AG, a Zurich-based investment provider, is launching what is being dubbed as the world’s first Polkadot exchange-traded product, or ETP.

The DOT ETP will be listed on the Swiss exchange SIX on Thursday, February 4, said the company in a statement on Tuesday. DOT is the native token of the Polkadot network.

DOT has since been added to 21Shares’ Crypto Basket ETP (HODL), which tracks five major assets including bitcoin (BTC) and ethereum (ETH). Since its addition on Jan. 29, DOT now accounts for 27% of the product behind BTC at 50%.

Hany Rashwan, chief executive officer of 21Shares, said the firm has seen “unprecedented demand” from institutional investors wanting exposure to crypto-assets. He stated that demand for its range of crypto ETPs has soared 500% since the third quarter of 2020, but there has been “a recent surge in interest” for DOT.

“After investors purchase their first bitcoins through our ETPs, there is a natural transition to invest in other crypto assets,” Rashwan detailed.

“We benefit from trusted partners for the liquidity provision and upon continued institutional demand, we are launching the DOT ETP to give investors a safe, regulated, and easy way to obtain exposure to this exciting new blockchain technology,” he added.

Rashwan revealed that 21Shares, an issuer of exchange-traded products, is planning to add up to three ETPs over the next 3 months. He said European investors have been approaching the company to launch new products.

Created by Ethereum co-founder Gavin Wood, Polkadot is a cross-blockchain that enables transfers of any type of data or asset, not just tokens. It is also used as an electronic payment system.

DOT is now the world’s fifth-largest cryptocurrency, boasting a market capitalization of $16.55 billion, according to data from markets.Bitcoin.com. At the time of writing, DOT is trading at $17.22, up 8% over the past 24 hours.

What do you think about the Polkadot ETP? Let us know in the comments section below.

News Source from news.bitcoin.com

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