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21shares AG To Roll-out Crypto ETPs On Six Swiss Exchange

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21Shares launch ETP
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  • 21Shares AG has introduced XLM and ADA Exchange-Traded Products
  • The ETPs will be listed on the platform of SIX Swiss Exchange on April 26, 2021
  • The investment firm has appointed Coinbase Custody and Kingdom Trust to custody the XLM and ADA coins

21Shares AG, a Switzerland based investing cryptocurrency investment firm, is launching crypto ETPs. The firm will introduce the world’s first Exchange Traded Products (ETPs) for the Stellar Cardano on the Swiss Stock Exchange. The investment firm was formerly known as the “Amun AG”, is now also known as the pioneers in issuing cryptocurrency ETPs. According to 21Shares AG, it has seen 3x more demands for cryptocurrency ETPs in Q1 2021. Additionally, the demand for ETPs has been chiefly driven by financial institutions.

Swiss Stock Exchange to list ADA and XLM ETPs

21Shares AG introduces the world’s first Exchange-Traded Products for native crypto tokens of Stellar and Cardano. The ETPs of XLM and ADA will be listed on the Swiss Stock Exchange that is also known as the SIX Swiss Exchange. The ticker names for Cardano ETP is AADA, and Stellar ETP is AXLM are expected to be listed on April 26, 2021. 

21Shares has hired Coinbase Custody as the primary custodian for the assets underlying the AXML. Simultaneously for AADA, the firm has appointed Kingdom Trust. 

The physical representation of both the tickers will track the performance of both the crypto assets. Moreover, each unit of the trade products will be backed by approximately 40 XLM and 16 ADA coins at the launch time. Both the products are having a base fee of 2.5%.

What made 21Shares AG launch the ETPs?

According to 21Shares AG, the firm has observed an increasing demand for crypto ETPs in recent days. Over Q1 2021, the demand for such ETPs has been observed soaring more than three folds. The investing firm stated that Swiss and European financial institutions are asking for simple and effective access to new blockchain technologies like Stellar and Cardano. Additionally, the latest ETP to be launched will offer what such institutions are seeking. 

On the other side, the firm also has plans to add two more ETPs in this quarter only. Also, such ETPs will be added on top of new listing venues. Such venues include Germany’s Stuttgart and Dusseldorf, which will allow multilateral trading facilities (MTFs). 

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