Switzerland-based 21Shares AG (formerly known as “Amun AG”), which is considered one of the pioneers in issuing crypto exchange-traded products (ETPs), has announced that it will soon be launching the world’s first $ADA and $XLM ETPs on the Swiss stock exchange (aka SIX Swiss Exchange).
ETPs are “collateralized, non-interest paying debt securities designed to replicate the performance of an underlying asset.”
According to the press release by 21Shares, the Swiss firm is launching these two ETPs (“AADA” and “AXLM”) — in response to “the recent surges of interest in these assets” — on April 26.
Hany Rashwan, CEO 21Shares AG, had this to say:
“Following active lobbying with the authorities to extend the innovative and forward-thinking asset launches, we are on track to deliver these new innovative and market leading crypto ETPs. As the leading crypto ETP issuer, Swiss and European institutional alike are asking us for simple and effective access to these new blockchain technologies. These new ETPs deliver what they asked for and we expect to add another 2 new crypto ETPs this quarter on top of new listing venues.“
21Shares’s press release then provided some further details about these two products:
“The ETP structure is 100% physically collateralised, segregated and replicates 1:1 the tracking of both crypto assets. Coinbase will assume custody for XLM and Kingdom Trust for ADA. Physical replication for AXLM and AADA aims to track the performance of stellar (XLM) and Cardano (ADA) with each unit of the ETP backed by approx. 40 XLM and 16 ADA respectively at launch. Both products have a base fee of 2.5% p.a and will also be available on the Stuttgart and Dusseldorf MTFs.“