21Shares is set to list the Polkadot exchange-traded product (ETP) on the Swiss SIX exchange on Thursday
The Polkadot ETP (DOT ETP) is set to list on the Swiss SIX exchange on Thursday. 21Shares announced this earlier today, adding that it would be the first to launch a Polkadot ETP. This latest development came a few days after 21Shares added Polkadot to its primary ETP product Crypto Basket ETP (HODL).
21Shares’ Crypto Basket ETP currently tracks five cryptocurrencies’ performance, including Bitcoin (BTC) and Ether (ETH). However, the addition of DOT ETPis coming at the expense of Bitcoin Cash, which was removed to make way for Polkadot. Polkadot will now be the second-largest constituent of the Crypto Basket after Bitcoin.
The data from MVIS Indices shows that Polkadot accounts for 27% of the HODL product while Bitcoin remains the most dominant, with a 50% market share.
Hany Rashwan, CEO 21Shares AG, said, “We remain committed to the unprecedented demand we are seeing from institutional investors wanting exposure to crypto-assets and 21Shares remains ahead of the curve for delivering innovative yet simple financial products on the market. Our expertise and experience reflect the clear advantage we have over other market participants.”
The launch of the DOT ETP is prompted by the huge liquidity provision 21Shares enjoys from its trusted partners and the massive institutional demands for its products. Rashwan added that the addition of the Polkadot ETP is to provide investors with a safe, regulated and easy way to obtain exposure to exciting new blockchain technology. The company intends to add two or three more innovative ETPs over the next three months. 21Shares is also working on listing its ETPs on other European exchanges. “No other issuer in this industry enjoys such a wide range of crypto ETPs and on so many European exchanges’ regulated segments,” Rashwan concluded.
Polkadot is a blockchain network founded by Ethereum co-founder Gavin Wood. The blockchain supports various interconnected sub-chains dubbed parachains. Polkadot is the fifth largest cryptocurrency in terms of market cap, ahead of other heavyweights, including Cardano (ADA), Chainlink (LINK) and Litecoin (LTC). DOT is currently trading near the $17 mark after rising by 4.17% over the past 24 hours.
The DOT ETP will enable investors to diversify their cryptocurrency holdings. It will also allow them to gain exposure to the multi-chain application environment that supports unmatched cross-chain interoperability.