21Shares to Issue Stellar and Cardano ETPs

by in Cryptocurrency News

Cardano Stellar ETPs

Switzerland-located digital asset investment company 21Shares releases the first XLM and ADA exchange-traded products. They will go live on April 26 on the SIX Exchange under the tickers AXLM and AADA.

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The team mentioned their goal to meet customers' demand for financial instruments for crypto assets. Cardano and Stellar have their unique places in the crypto industry. The first is a blockchain-powered smart contract network allowing engineers to create dApps. Its native token ADA is the sixth in terms of market cap (over $32.7 B). Recently the token reached an all-time high of $1.56.

As for Stellar, it is a decentralized protocol on open-source code to transfer digital currency to fiat money. Its XLM token ranks 15th with a market cap of over $9.2 B. The price of the token now stands at around $0.4.

The products will enable customers to broaden and uncover border-crossing activities via any pair of currencies directly. The ETP structure is physically collateralized completely. Coinbase will be XLM's custody provider and Kingdom Trust of ADA.

The ETPs have an annual fee of 2.5%. They will become accessible on Germany’s Stuttgart and Dusseldorf financial trading venues too. In 2020 21Shares introduced HODL basket ETP. Recently BCH and XRP were excluded. Now it includes 5 units: BTC, DOT, Ether, Stellar, and Cosmos.