It’s raining cryptocurrency ETPs in Europe. In a recent development, crypto ETP issuer 21Shares AG has announced the listing of three additional crypto ETPs on the SIX Swiss Exchange.
The firm, which is the largest issuer of physically-backed cryptocurrency ETPs worldwide, has chosen Polygon, Avalanche, and Algorand tokens to be tracked by these ETPs.
Interestingly, with this new product launch, the total number of crypto ETPs issued on the Swiss market by 21 Shares has risen to 20. And, the total number of crypto product listings for all European markets has gone up to 80.
In this context, Hany Rashwan, co-founder, and CEO of 21Shares said,
“Adding Polygon, Avalanche, and Algorand to our already expansive suite of single-asset ETPs delivers another simple and easy option for investors to enter the crypto asset class.”
Well, all three networks chosen by 21 Shares are important players in the DeFi industry. And, are acting as either companions or rivals to the top DeFi platform, Ethereum. With the sector experiencing unprecedented growth at present time, these platforms have emerged as the stalwarts propelling DeFi into the mainstream.
The 21Shares Polygon ETP, with the ticker ‘POLY’, will track the price movements of the Ethereum scaling platform’s token, which was trading at $1.58, at press time. In fact, the network has grown exponentially over the past year. Primarily, by providing high speed and low transaction costs to the regularly congested Ethereum network.
Polygon provides scalability to the network by allowing developers to build on it. There are over 3,000 dApps currently built on the network. Further, the total value locked in the network was noted as $4.8 billion, at the time of writing. Besides, its native token MATIC experienced an 8848% price rise over the past year.
Well, the network recently launched a ZK-Rollup Solution called Miden to scale Ethereum. However, a recent report indicated that Polygon could be furthering its independence from Ethereum. Mainly by surpassing its growth and decreasing its reliance on Ethereum based projects. Thus, highlighting its growing importance within the cryptocurrency ecosystem.
On the other hand, Avalanche ETP, with the ticker AVAX will track the Ethereum killer’s token investments. The cryptocurrency had recently achieved a new all-time high owing to its impressive partnership with Deloitte. This, in order to build emergency management solutions; gaining 87.2% in valuation over the past month. The network continues to be one of Ethereum’s top contenders, with a transaction output of up to 6,500/tps and a DeFi TVL of $11.1 billion.
Similarly, Algorand has also emerged, in recent times, as a promising rival to the top DeFi network. Moreover, this network boasts 1,200/tps, low transaction costs, and environmental sustainability due to its no-mining PPoS algorithm. Recently, the network’s foundation launched a $200 million fund to attract developers for further innovation and ecosystem development.
With high projected growth and promising partnerships, these networks are unsurprisingly the appropriate choices for 21 Shares to launch ETPs in a market that already prefers alt-coins over both Bitcoin and Ethereum.