21Shares, an asset manager, introduced an exchange-traded product (ETP) offering exposure to Crypto.com’s Cronos token in Europe.
The European exchange-traded product will hold the native token CRO, which belongs to the blockchain network affiliated with Crypto.com—Cronos.
21Shares announced on May 6 that they listed the ETP on the Paris and Amsterdam exchanges Euronext operates.
Cronos serves as a layer-1 blockchain network that associates with the centralized exchange, Crypto.com.
21Shares stated that the chain builds to be compatible with the Ethereum and Cosmos ecosystems. It intends to support decentralized finance (DeFi), NFTs, and Web3 applications.
According to 21Shares, the ETP offers investors a simplified method of adding CRO to their portfolios via conventional banks and brokers, removing the requirement to manage digital wallets or cryptocurrency exchanges directly.
In a statement, Mandy Chiu, head of financial products development at 21Shares, expressed that the launch of a Cronos ETP provides investors with regulated access to a blockchain ecosystem fostering real-world adoption.
Based on data from CoinMarketCap, the CRO token has a market capitalization of around $2.3 billion and a fully diluted valuation (FDV) approaching $8.7 billion.
According to data from DeFiLlama, Cronos commands a total value locked (TVL) of nearly $400 million.
The data shows Cronos’s DeFi ecosystem comprises Crypto.com’s liquid Ether staking token, Crypto.com Staked ETH, which holds a total value locked (TVL) nearing $64 million.
Surge in Altcoin ETFs Hits the Market
Asset manager VanEck submitted an application on May 5 to list a US exchange-traded fund (ETF) that links to another crypto exchange token.
VanEck introduced the VanEck BNB ETF as the first proposed US ETF to hold BNB, the native token of the BNB Chain, which connects to Binance, the largest global centralized exchange.
21Shares proposed ETFs containing cryptocurrencies such as Dogecoin in the US.
Various asset managers seek approval from the US Securities and Exchange Commission (SEC) to list more than 70 cryptocurrency ETFs.
Since taking office in January, US President Donald Trump has softened the SEC’s regulatory stance on crypto, resulting in a surge of filings.
