Valour Inc., a subsidiary of Nasdaq-listed DeFi Technologies, has announced the launch of a new product - an ETP for the PI token. This event is part of a series of eight new products introduced in collaboration with Valour Digital Securities Limited.
Launch of New ETP for PI Token
According to the company's announcement, the new SEK-denominated ETP will be available on Sweden's Spotlight Stock Market, providing investors with secure and regulated exposure to the PI token. This marks the first time the PI token will have an ETP with direct access, representing a key milestone for the PI network itself.
The ETP is assigned the identification number (ISIN) CH1108681540 and has a management fee of 1.9%. Valour has also launched ETPs for seven other digital assets, including Mantle, Celestia, Ondo Finance, Cronos, Shiba Inu, VeChain, and Ethena.
Impact on the PI Token Market
The launch of the ETP not only represents a significant moment for the PI network, but also showcases the project's efforts to expand its market presence despite past issues and criticisms. This move aligns with the demand from Nordic investors seeking simple and transparent access to digital assets. Nevertheless, the price of the PI token has fallen more than 50% over the past three months and 22.93% in the last 30 days, although slight gains have been observed in the past 24 hours, which may signal a positive development for its recovery.
Current Situation in the Crypto Market
In the last 24 hours, the crypto market, led by Solana, has experienced significant growth, allowing Bitcoin to climb back above the $110,000 mark. Solana became the major cap performer with an over 8% increase. Other major tokens, such as Bitcoin, Ethereum, BNB, DOGE, and Cardano, also saw varying levels of increase. Some tokens for which Valour launched ETPs today are performing better than PI, with Mantle up 4% and Celestia at 3.24%.
The launch of the ETP for the PI token represents a significant event for the project and could facilitate its recovery in the market. However, the current price decline highlights existing challenges and the need for investor attention.
