21Shares has announced the launch of its first-of-its-kind crypto-share index ETP focused on proof-of-stake coins.
The product, called the 21Shares Staking Basket Index ETP (STAKE), will provide exposure to staking rewards while tracking the performance of the staking base coins across a single ETP.
The world’s first ETP for Crypto Staking Index
According to the official press release, the index will track ten crypto assets, including Binance Coin (BNB), Cardano (ADA), Cosmos (ATOM), Polkadot (DOT), Solana (SOL), and Tezos (XTZ).
It is expected to meet the demands of private and institutional investors around the world.
However, although STAKE is designed to track PoS-based coins, the product does not include Ethereum (ETH).
In a statement, the company further revealed that the index will rebalance in March and September on a semi-annual basis to reflect changes in the cryptocurrency market.
It is the parent company, 21.co director of ETP product, Arthur Krause highlighted the growing demand from investors for “diversified and innovative return streams,” especially in the midst of a bear market. Staking, for example, has been named as one of the most attractive.
He went on to add,
“In particular, we have heard the demand for a reliable and secure way to access staking, one of the most attractive potential return streams available in the crypto ecosystem. The 21Shares Staking Basket Index ETP accomplishes exactly that and would be an attractive addition to many portfolios.”
The 21Shares Staking Basket Index, which was made available for trading on January 18 on the Swiss BX Exchange, was developed in collaboration with Swedish index provider Vinter.
The company’s CEO, Jacob Lindberg, said that the two companies will continue to work on launching more investment products that “build bridges in the crypto world.”
21Shares expansion and more
With the recent launch, 21Shares and its parent company have listed over 40 products on 12 stock exchanges in 8 countries.
In October last year, the Swiss fintech company launched a Bitcoin trading product on Nasdaq Dubai. This was the first physically backed BTC ETP in the Middle East.
21.co, on the other hand, received $25 million in a funding round in September. The move raised its value to $2 billion and made it “Switzerland’s largest cryptocurrency”.
21Shares New ETP post gives exposure to cryptocurrency in PoS but ETH didn’t appear first on CryptoPotato.