Decentraland, launching FTX ETPs in Switzerland

Decentraland, launching FTX ETPs in Switzerland

21Shares continues its product launch spree by launching the first exchange-traded products (ETPs) focused on Decentraland (MANA) and FTX Token (FTT).

The products were scheduled to begin trading in Switzerland on Thursday.

“Adding the world’s first NFT and single-metaverse ETP and one of the world’s leading crypto exchanges to our product suite is an important milestone for us in making crypto accessible to everyone,” Hany Rashwan, CEO of 21Shares, said in a statement.

Decentraland is the first decentralized and user-owned virtual reality platform that enables users to create, experience and monetize content and applications.

According to CoinGecko, MANA's market cap is approximately $5.1 billion. The price of $3.35 was up 31% from seven days ago as of midday ET on Thursday.

By launching a product with exposure to MANA, the company is giving its customers access to the latest Web3 use case, a 21Shares spokesperson told Blockworks.

21 shares stated in his State of Crypto report published this week that the global market for augmented reality, virtual reality and mixed reality is expected to reach around 300 billion by 2024, according to Statista.

The report adds that Ethereum-based virtual games Sandbox (SAND) and Decentraland have increased by approximately 156,000% and 39,000%, respectively, in 2021.

“We expect Decentraland and the Metaverse sector to keep pace with this adoption rate and awareness as users continue to distrust Facebook.”

Facebook parent company Meta reported a loss of more than $10 billion from the company's initial forays into the Metaverse during its latest earnings call.

Meanwhile, the 21Shares FTX Token ETP will invest in crypto derivatives exchange FTX's token, allowing users to stake FTT, receive discounts on trading fees, and participate in local government voting.

“FTX Token is an attractive investment case as it offers exposure to the third largest crypto exchange in the world with a daily trading volume of over $2.5 billion,” explained a 21Shares representative.

21Shares manages around $2 billion across 28 crypto ETPs and more than 100 listings.

The company recently launched ETPs using Aave (AAVE), Chainlink (LINK) and Uniswap (UNI) as underlying assets, also in Switzerland. Rashwan told Blockworks at the time that the company aimed to support the top 50 cryptocurrencies by the end of the year.

The company evaluates new listings based on its trading metrics, team, investors, community and social reach, among other factors.

21Shares also wants to expand its presence in the US.

According to Watson's LinkedIn page, the company hired Kayle Watson as head of U.S. sales in November. Prior to joining 21Shares, he spent approximately eight years at BlackRock, the world's largest asset manager, where he served as a director of the institutional asset manager and hedge fund distribution group iShares.

“21Shares is committed to offering investors the most innovative, physically backed crypto ETPs and index solutions,” a spokesperson said. “Just like in Europe, where we have put together the world’s largest product range.”

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The post Decentraland, launching FTX ETPs in Switzerland is not financial advice.