The crypto investment platform 21Shares Introduced a couple of new Exchange Traded Products (ETP) as it plans for an expansion. The Layer-1 and decentralized finance ETPs launch are expected to let investors partake in the global web3 revolution.
21Shares is an ETP provider based in Zug, Switzerland. The company operates from this strategic location to satiate the regulatory needs and offers products in a more accessible way. On this platform, users can find and invest in some of the best assets from across the markets using their existing banks and brokers. Now, 21Shares roadmap explores the avenues of Web3 and DeFi services with two of its latest ETP launches.
The first of the two ETPs is named the 21Shares Crypto Layer -2 (LAY1). The layer-1 ETP went live on the SIX Swiss Exchange on May 12. The reports claim that this investment vehicle expects to open gates to five foundational blockchain networks in the DeFi sector. The maximum weighting for the blockchains is 30% in the LAY1 ETP.
The DeFi 10 Infrastructure ETP (DEFI), on the other hand, is yet to be released and is slated for May 18 on the same exchange. The DEFI ETP predominantly exposes decentralized financial services, and it will combine the price performances from DeFi applications and Layer-1 blockchains for the best deals.
As per 21Shares reports, both ETPs will carry a total expense ratio of 2.50%. Moreover, the ETPs are designed to track indices offered by Vinter, a regulated index provider operating from Sweden.
21Shares co-founder Ophelia Snyder commented on the ETP launch, saying that their financial system is undergoing fundamental changes with DeFi and Web3. She further said that the new products from the company would adhere to these new thematics to help users take part in this revolutionary area.
Only last month, the company launched the first-ever combined ETP to track Bitcoin and Gold. Named 21Shares ByteTree BOLD, the ETP received a significant welcome from investors.
However, 21Shares was forced to delist one of its ETPs based on the Terra ecosystem. LUNA’s price plunged to $0, and the network was left helpless to pay for operation or redemption. After this fall, other Fintech firms, namely Valour and VanEck, also closed their Terra ETPs.
TettaUSD’s de-pegging has become one of the most controversial topics in the crypto space. This incident affected the UST Stablecoin and wiped nearly $28 billion from Terra’s market cap. Not to mention the negative impact it has on the credibility of the crypto space.