In a statement published on Friday, the firm says that the products will give investors exposure to Bitcoin (BTC) and Ethereum (BTC), two of the largest cryptocurrencies by market cap. 21Shares is also listing a short Bitcoin ETP, which provides -1x return to the performance of the benchmark crypto for a single day. Since launching its first products in November 2018, 21Shares now offers a suite of 14 cryptos ETPs. The firm has already listed crypto ETPs in Switzerland, Germany, and Austria, but it is expanding in France because of investor demand.
Euronext’s biggest market
France is anticipated to be highly viable for crypto ETPs given that Paris is the biggest market of Euronext with a total turnover of €91.5 million in April 2021, according to analytics firm Statista. Amsterdam places second, with €50.5 million monthly turnover over the same period. 21Shares says that the listing of the collateralized financial products backed by BTC and ETH marks a first in France. The firm views the development as a showing of the French regulatory authorities’ support for blockchain, fintech, and the cryptocurrency industry. It says that other European regulated exchanges also welcome its crypto ETPs. Kssis underlined that crypto ETPs would allow investors to diversify their portfolios with the addition of assets that 21Shares considers essential in successful portfolio allocation. [binance]
