in

21Shares’ New ETP Provides Exposure to PoS Cryptocurrencies But No ETH



21Shares announced the launch of first-of-its-kind crypto staking index ETP focused on proof-of-stake-based coins.

Dubbed 21Shares Staking Basket Index ETP (STAKE), the product will essentially provide exposure to staking rewards while tracking the performance of underlying staked coins via a single ETP.

World’s First Crypto Staking Index ETP

According to the official press release, the index will track ten crypto-assets, including Binance Coin (BNB), Cardano (ADA), Cosmos (ATOM), Polkadot (DOT), Solana (SOL), and Tezos (XTZ).

It is expected to address demands from both retail and institutional investors across the world.

Despite the fact that STAKE is designed to track PoS-based coins, the product, however, does not include Ethereum (ETH).

In a statement, the company further revealed that the index will rebalance in March and September on a semi-annual basis to demonstrate shifts in the crypto market.

It’s parent firm, 21.co’s Director of ETP Product, Arthur Krause highlighted the increased investor demand for “diversified, crypto-native return streams,” especially amid the bear market. Staking, for one, was touted as one of the most attractive of them all. 

He went on to add,

“In particular, we’ve heard demand for a reliable and safe way to access staking, one of the most attractive potential return streams available in the crypto ecosystem. The 21Shares Staking Basket Index ETP does just that, and will be an attractive addition to many portfolios.”

The 21Shares Staking Basket Index ETP, which was made available on for trading on January 18th on the BX Swiss exchange, was developed in collaboration with Swedish index provider Vinter.

Its CEO, Jacob Lindberg, said the two firms will continue to work on launching more investment products that “build bridges into the crypto world.”

21Shares’ Expansion and More

With the latest launch, 21Shares and it’s parent firm listed more than 40 products across 12 exchanges in 8 countries.

Last October, the Swiss fintech company launched Bitcoin exchange-traded product on Nasdaq Dubai. This marked the first physically-backed BTC ETP in the Middle East.

21.co, on the other hand, fetched $25 million in a funding round in September. The move catapulted its valuation to $2 billion, and made it “Switzerland’s largest crypto unicorn.”

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

What do you think?

Written by Blockchain Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Solana [SOL] closed Q4 2022 with a decline in key growth metrics

Aptos Gains 54% In 24 Hours, Maintaining Its Bullish Form For The Year