On April 26, the SIX Swiss Exchange, along with the Stuttgart and Dusseldorf multilateral trading (MTF) facilities with total expense ratios (TERs), will list 21Shares’ Cardano ADA ETP (AADA) and Stellar XLM ETP (AXLM).
XLM And ADA added to the Offering
According to the investment product provider in Switzerland, the need to add a single additional asset ETPs came after the company removed the Bitcoin Cash and XRP ETPs from its Crypto Basket Index.
ADA and XLM’s recent increase in prices has led 21Shares to choose to add both digital assets to its crypto suite. Established in 2014 and enables the transfer of any assets, Stellar blockchain makes payment easier on the platform with its native XLM token.
Both the ADA and XLM products have a base fee of 2.5% per annum and will be made available on Germany’s Stuttgart and Dusseldorf multilateral trading facilities (MTFs).
AADA is a replica of the ADA crypto movement. The Kingdom Trust functions as a custodian of each ETP unit with 16 ADA tokens. Cardano is a contractual framework backed up by blockchain that enables developers to build decentralized applications. The platform uses strike algorithm evidence called Ouroboros for the development and transaction of new blockchain blocks. ADA is the native crypto asset of Cardano.
AXLM replicates XLM crypto output with 44 tokens physically supported by each node, and Coinbase acts as the custodian. Stellar is a blockchain created by co-founder Ripple Jeb McCaleb, developed specifically to transfer crypto and fiat currencies. XLM is the stellar native token for the transaction fee payments network, also known as Lumen.
Crypto ETPs are Skyrocketing.
In recent months, the increase in crypto ETP prices has drawn raised interest. 21Shares is one of the leading issuers with plans to expand their crypto-ETP offerings, having approximately 12 diversified crypto-asset ETPs included with DACH’s regulated exchanges.
This year, 21Shares reached $1 billion in digital assets under management (AUM) through its various crypto ETPs. Within two weeks after launching its Polkadot ETP in February 2021, the company announced its AUM had increased from $500 million to $1 billion.
The platform first came into the limelight in 2018 when it launched its Bitcoin ETP product listed on the Schweizer SIX Exchange. Since then, the company has expanded its offering to include products tracking many other large-cap cryptocurrencies and coin bundles, giving investors exposure to chosen market segments.