21Shares, a known asset management firm, has announced the launch of a new exchange-traded product (ETP) for the Cronos token associated with the Crypto.com platform.
Launch of the ETP for Cronos
21Shares announced that the ETP was listed on both Euronext markets in Paris and Amsterdam on May 6. The new product provides investors the opportunity to gain exposure to the Cronos token without directly engaging with digital wallets or exchanges.
Characteristics of the Cronos Token
Cronos, also known as CRO, is a layer-1 blockchain network integrated with both the Ethereum and Cosmos ecosystems. It aims to support decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 applications. The market capitalization of the token is approximately $2.3 billion.
Market for ETPs and Their Development
With the launch of the new ETP, 21Shares is observing the growing interest in cryptocurrency-related products. Concurrently, investment firms in the US also seek SEC approval to launch crypto-ETFs, among which VanEck proposed an ETF for the BNB token.
The launch of the ETP for the Cronos token by 21Shares highlights the increasing interest in cryptocurrencies and ways to integrate them into traditional investment portfolios. The product offers investors new opportunities to participate in the evolving crypto market.
