Cryptocurrency exchange-traded product (ETP) issuer 21Shares has launched Europe’s first polygon, avalanche and algorand ETPs.
The 21Shares Polygon ETP (POLY), the 21Shares Avalanche ETP (AVAX) and the 21Shares Algorand ETP (ALGO) are listed on the SIX Swiss Exchange with total expense ratios (TERs) of 2.5%.
Polygon is an ethereum scaling platform and has become popular due to its high speed, low transaction costs and network composability.
Avalanche, an ethereum rival, has a higher transaction output of 6,500 transactions per second without compromising scalability, while algorand offers a layer one blockchain solution that supports the creation of decentralised applications.
It takes the number of crypto ETP launches by the issuer to 20.
Michael Lie, head of digital Assets Trading at Flow Traders, commented: “We are excited to be supporting the launch of the new ETP and deepening our successful partnership with 21Shares.“This listing is another clear indication of the increasing expectations of both investors and issuers striving for more innovative products.”
In September, 21Shares launched a six-strong ETP range consisting of the 21Shares Cardano ETP (AADA), the 21Shares Polkadot ETP (ADOT), the 21Shares Stellar ETP (AXLM) and the 21Shares Tezos ETP (AXTZ) all with total expense ratios (TERs) of 2.50%.
The launch also includes the 21Shares Crypto Basket Index ETP which offers exposure to bitcoin, polkadot, ethereum, cosmos and cardano.
In June, the firm unveiled the world’s first solana ETP, the 21Shares Solana ETP (ASOL), on the SIX Swiss Exchange.
