The proposed listing follows the Polygon ETP’s unveiling on the SIX Swiss Exchange last month.
21Shares, one of the world’s largest issuers of crypto-linked Exchange Traded Products (ETPs), has announced it will be listing Europe’s first ETP linked to the performance of polygon on the Euronext exchanges in Paris and Amsterdam. The Euronext Paris version will trade in EUR and under the ticker symbol “MATIC FP” while those billed for Amsterdam will be priced in USD and trade under the ticker symbol “MATIC NA”.
Just as is obtainable in the broader financial market, many players are beginning to offer similar investment products bordering on the nascent world of digital currencies. While the central focus is typically on Bitcoin (BTC), and Ethereum (ETH), the world’s largest and most popular cryptocurrencies, major players in the ETP space are beginning to realize that other promising altcoins can also proffer a similar investment interest for both retail and institutional investors alike.
The proposed listing follows the Polygon ETP’s unveiling on the SIX Swiss Exchange last month. The Polygon ETP is designed to track the investment results of Polygon and its native coin MATIC. Polygon is a Layer-2 protocol designed to serve as an Ethereum scaling platform with the mission to onboard millions to Web3. Currently, the Polygon ecosystem is robust and hosts 3,000 applications.
The protocol has become the most popular full-stack Ethereum scaling solution due to its high speed, low transaction cost, and network composability.
21Shares Polygon ETP Listing: The Race to Exert Market Dominance
Irrespective of the nature of the investment product being issued out, or the firm that is powering it, the digital currency ecosystem finds itself working in tandem to help advance the mainstream adoption of cryptocurrencies.
While doing this, many outfits including 21Shares are looking to extend their dominance in terms of market share percentage at the same time. The role of 21Shares in the digital currency ecosystem is pivotal and this is being reflected in the diversity of its product issuances.
As of November 2021, 21Shares manages more than $2.9 billion in 20 digital currency ETPs and 81 listings, including the world’s only ETPs tracking Binance, the Crypto Index Basket, and two ETPs with investor staking rewards (Tezos and Solana). Its products are listed on eight regulated European and Swiss trading exchanges.
Despite the milestones being covered thus far, there is still a need to float an actual Bitcoin Exchange Traded Fund (ETF) product in the United States, a move that will undoubtedly complement the futures linked ETF products currently trading on American bourses. This challenge remains one that all players must crack and will show how mature the market has become in the end.