Swiss Exchange To Feature The First Polkadot Exchange-traded Product
- 21Shares to list Polkadot native token’s ETP on Switzerland’s SIX exchange
- DOT’s market cap has risen considerably to around 15 million dollars, displacing XRP.
- The new product will allow investors to hold DOT tokens as stock.
- The Swiss-based company promises to launch new crypto ETPs in the coming months.
Polkadot to Debut on Swiss Stock Exchange.
21shares, a cryptocurrency asset manager, will be listing the Polkadot ETP on the Swiss stock exchange on Feb 4. Recently, Polkadot, an Etherium based network, was added to the 21 shares HODL basket ETP. However, this inclusion has driven the cryptocurrency to second place in terms of its constituent, following Bitcoin.
Polkadot To Be Listed on SIX Following A Demand Rise
The decision to launch the primary Polkadot ETP on SIX exchange came after investors demanded an institutional-grade ETP different from those in the market. Another reason is that, for the past few months, investors are starting to show interest in cryptocurrency and are in search of ways to invest their cash.
Polkadot is a network that allows for easy transitioning between different blockchains, which enables validators can interact cross-chain. Since the news of the listing came, investors are enthusiastic and positive that the product will allow them to diversify their portfolio.
This new development will also allow investors to trade the DOT, which is Polkadot’s native token, as they would a traditional stock. The Swiss company believes the introduction of this new product will help newbies who found it difficult to relate with the DOT token despite its popularity.
How Does This Impact The Crypto World?
21Shares believes that the introduction of Polkadot ETP (PDOT) will drive the wider adoption of cryptocurrency and other blockchain-based products. He said that the aim of the company for the coming three months is to release more ETPs that will listed on European exchange.
According to a report from CoinMarketCap, Polkadot’s market capitalization has risen to about $15 billion, placing DOT among the first five cryptocurrencies.