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Home News Industry News

First Polkadot ETP to launch on SIX exchange

Ibiam Wayas by Ibiam Wayas
February 3, 2021
in Industry News
2 min read
Cardano's founder launches RATS pool for ADA staking
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TL;DR Breakdown:

  • For the first time, a Polkadot ETP will be launched on SIX exchange.
  • This will provide institutions an exposure to the crypto and its ecosystem.

The first-ever Polkadot (DOT) ETP, or exchange-traded product, will be launched on the Swiss Stock Exchange (SIX exchange) tomorrow by 21Shares, a Switzerland-based crypto-assets investment provider. This is quite big news for the Polkadot ecosystem, as such a product will enable institutional access to the crypto.

DOT is the native cryptocurrency of Polkadot, the biggest competitive blockchain network for Ethereum. As at the 3rd of February, the Polkadot crypto was ranked the fifth-largest cryptocurrency, with a market valuation of $15.69 billion on Coinmarketcap.

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Polkadot ETP on SIX exchange

Per the announcement, the first Polkadot ETP will be listed on the Swiss exchange by the 4th of February, allowing more institutional investors to access the cryptocurrency. Last week, 21Shares included the Polkadot crypto on its HODL basket ETP after Bitcoin Cash (BCH) was delisted. There is probably a huge demand for a single Polkadot ETP, as 21Shares CEO, Hany Rashwan, commented:

“We remain committed to the unprecedented demand we are seeing from institutional investors wanting exposure to crypto-assets.”

The Polkadot ETP will enable institutions to gain exposure to the cryptocurrency and its ecosystem, as the product is completely backed by the underlying DOT cryptocurrency. The company’s already-existing ETP markets will ensure more liquidity for the DOT ETP on the exchange.

The crypto ETP market

21Shares also confirmed a growing interest in crypto ETPs, especially from institutional investors. According to the report, its suite of ETPs has more than tripled with institutional demand since Q3 last year. Again, the development confirms reports that institutions are gradually giving cryptocurrencies a shot. Aside from the soon-to-be-launched Polkadot ETP, 21Shares already launched a similar product for Bitcoin, Ethereum, and other popular cryptos.

Tags: cryptocurrency tradingcryptomarketSwitzerland
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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