Switzerland-based crypto exchange-traded product (ETP) issuer, 21Shares, has launched a new vehicle as a Metaverse ETP focused on the SAND token.
According to the press release, with the launch, the firm aims to give investors exposure to The Sandbox’s metaverse and gaming platform. This is 21Shares’ 30th cryptocurrency ETP offered and will be cross-listed on Euronext Paris and Amsterdam.
The ETP allows investors to securely monetize on the booming of The Sandbox.
21Shares nearly $3 billion in Assets under Management (AUM) and has over 130 listings, which also includes the world’s only ETP tracking Binance.
ETPs are one of the best bets for institutional investors to explore cryptocurrencies and blockchain projects. Banks including Goldman Sachs, ICAP, JPMorgan and UBS have all bought ETPs.
In February, 21Shares launched its Decentraland (MANA) ETP. CEO and co-founder of 21Shares, Hany Rashwan explained that as investors’ persistent demands for more access to opportunities beyond bitcoin and Ethereum increased, the firm chose Sandbox over other metaverse platforms for this ETP.
Rashwan added, “The metaverse is one of the most pre-eminent themes within crypto at the moment, with The Sandbox in particular showing strong growth to become the best performing blue-chip metaverse token.”
It’s worth noting that the news comes after SAND, the native token of The Sandbox platform has dropped 40% in the past three months.
On the business forefront, 21Shares has been grabbing quite a lot of headlines. Last year, in December, the firm launched Europe’s first Polygon ETP. Just a few days ago, 21Shares had filed for a Bitcoin ETF with the SEC along with Ark Investment Management, however, the SEC rejected the application.
