Switzerland-based crypto investment platform, 21Shares, is launching the world’s first exchange-traded products (ETPs) for Stellar ETP (AXLM) and Cardano ETP (AADA) on the Swiss stock exchange. Formerly known as “Amun AG,” 21 shares is considered one of the pioneers in issuing crypto exchange-traded products (ETPs).
21Shares Launching World’s First XLM and ADA ETPs
21Shares AG is launching crypto exchange-traded products (ETPs) for the native cryptocurrencies of Stellar and Cardano on the Swiss stock exchange aka SIX Swiss Exchange.
The crypto investment platform said that the Stellar XLM ETP (ticker: AXLM) and Cardano ADA ETP (ticker: AADA) will be listed on the Swiss SIX Exchange on April 26.
Amid the recent surge in demand from the two cryptocurrencies, the firm has decided to remove Bitcoin Cash (BCH) and XRP ETPs from its 21Shares HODL basket ETP.
Physical replication for AXLM and AADA will track the performance of stellar (XLM) and Cardano (ADA) with each unit of the ETP backed by approx. 40 XLM and 16 ADA at the time of launch.
Hany Rashwan, CEO 21Shares AG, said:
“As the leading crypto ETP issuer, Swiss and European institutional alike are asking us for simple and effective access to these new blockchain technologies. These new ETPs deliver what they asked for and we expect to add another 2 new crypto ETPs this quarter on top of new listing venues.”
Increased Demand of Crypto ETPs
21Shares has seen a 3 times increase in demand across its suite of crypto ETPs since Q1 2021 based on aggregated new inflows across the range. Demand has been mostly driven by institutional investors choosing 21Shares’ institutional-grade and open-ended ETPs.
The firm has appointed Coinbase Custody as the main custodian for the assets underlying the XLM ETP and Kingdom Trust for the ADA ETP.
Both the products have a base fee of 2.5% per annum and will be made available on Germany’s Stuttgart and Dusseldorf for multilateral trading facilities (MTFs).