Switzerland-based investment product provider 21Shares is launching the world’s first exchange-traded product (ETP) for the polkadot cryptocurrency.
- 21Shares, formerly known as Amun, said Tuesday the Polkadot ETP (ticker: PDOT) will list on the Swiss SIX Exchange on Feb. 4.
- The firm said the listing came about because it wanted to stay "ahead of the curve" amid a surge in interest for the cryptocurrency asset class.
- Founded by Ethereum co-founder Gavin Wood, Polkadot is a blockchain network that supports various interconnected sub-chains called parachains.
- Last Friday, Polkadot was added to the 21Shares HODL basket ETP as the second-largest constituent after bitcoin, replacing bitcoin cash. As such, 21shares took the decision to give the crypto asset its own ETP.
- Polkadot market capitalization is currently around $15 billion, putting DOT at fifth place in the cryptocurrency rankings, according to CoinMarketCap.
- “European investors are approaching us to launch new products based on other key crypto assets to enable them easy access without the need of a private key or unregulated wallets and exchanges,” said Hany Rashwan, CEO 21Shares AG.
- In the next three months, 21Shares aims to add more ETPs, as well as new European exchange listings.