In brief
- 21Shares launched a new ETP tied to dYdX’s native token, extending regulated access to one of the largest decentralized derivatives protocols.
- The product follows 21Shares’ earlier DeFi ETPs including Aave and Uniswap launched in 2022, becoming Europe’s largest crypto ETP issuer with 48 products.
- DYDX was chosen because it “adds a distinctive dimension” with its focus on decentralized derivatives trading, Mandy Chiu, Head of Financial Product Development at 21Shares, told Decrypt.
Swiss asset manager 21Shares has launched a new exchange-traded product, or ETP, tied to dYdX’s native token, DYDX. The firms said this will extend regulated access to one of the largest decentralized derivatives protocols.
The product, backed by DYDX tokens held with custodians, began trading this week with support from the dYdX Treasury subDAO, through its operator kpk, according to a press release shared with Decrypt.
Crypto ETPs let investors buy and sell exposure to digital assets on stock exchanges. In Europe they are usually issued as notes backed one-to-one by the underlying tokens, rather than pooled funds.
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Author: Vismaya V
