It’s raining cryptocurrency ETPs in Europe. In a latest improvement, crypto ETP issuer 21Shares AG has introduced the itemizing of three extra crypto ETPs on the SIX Swiss Alternate.
The agency, which is the most important issuer of physically-backed cryptocurrency ETPs worldwide, has chosen Polygon, Avalanche, and Algorand tokens to be tracked by these ETPs.
Apparently, with this new product launch, the overall variety of crypto ETPs issued on the Swiss market by 21 Shares has risen to twenty. And, the overall variety of crypto product listings for all European markets has gone as much as 80.
On this context, Hany Rashwan, co-founder, and CEO of 21Shares mentioned,
“Including Polygon, Avalanche, and Algorand to our already expansive suite of single-asset ETPs delivers one other easy and simple possibility for traders to enter the crypto asset class.”
Effectively, all three networks chosen by 21 Shares are essential gamers within the DeFi business. And, are appearing as both companions or rivals to the highest DeFi platform, Ethereum. With the sector experiencing unprecedented development at current time, these platforms have emerged because the stalwarts propelling DeFi into the mainstream.
The 21Shares Polygon ETP, with the ticker ‘POLY’, will monitor the worth actions of the Ethereum scaling platform’s token, which was buying and selling at $1.58, at press time. In truth, the community has grown exponentially over the previous 12 months. Primarily, by offering excessive velocity and low transaction prices to the commonly congested Ethereum community.
Polygon supplies scalability to the community by permitting builders to construct on it. There are over 3,000 dApps at the moment constructed on the community. Additional, the overall worth locked within the community was famous as $4.8 billion, on the time of writing. Moreover, its native token MATIC skilled an 8848% value rise over the previous 12 months.
Effectively, the community just lately launched a ZK-Rollup Resolution known as Miden to scale Ethereum. Nonetheless, a latest report indicated that Polygon might be furthering its independence from Ethereum. Primarily by surpassing its development and reducing its reliance on Ethereum based mostly tasks. Thus, highlighting its rising significance throughout the cryptocurrency ecosystem.
Alternatively, Avalanche ETP, with the ticker AVAX will monitor the Ethereum killer’s token investments. The cryptocurrency had just lately achieved a brand new all-time excessive owing to its spectacular partnership with Deloitte. This, so as to construct emergency administration options; gaining 87.2% in valuation over the previous month. The community continues to be one in every of Ethereum’s high contenders, with a transaction output of as much as 6,500/tps and a DeFi TVL of $11.1 billion.
Equally, Algorand has additionally emerged, in latest occasions, as a promising rival to the highest DeFi community. Furthermore, this community boasts 1,200/tps, low transaction prices, and environmental sustainability as a consequence of its no-mining PPoS algorithm. Lately, the community’s basis launched a $200 million fund to draw builders for additional innovation and ecosystem improvement.
With excessive projected development and promising partnerships, these networks are unsurprisingly the suitable decisions for 21 Shares to launch ETPs in a market that already prefers alt-coins over each Bitcoin and Ethereum.