21Shares Launches ETP for Cronos (CRO) Token in Europe, with a Market Capitalization of $2.3 Billion, Expanding Managed Crypto Investment Product Portfolio.
The asset management company 21Shares has announced the launch of an exchange-traded product for Cronos (CRO) Token in the European market. According to the announcement on May 6, the product has been listed on two Euronext exchanges in Paris and Amsterdam, marking a new step in bringing crypto assets closer to traditional investors.
This new ETP is designed to help investors integrate CRO Token into their investment portfolio through traditional banks and brokers, eliminating the need to self-manage digital wallets or trade directly on exchanges.
According to Ms. Mandy Chiu – Director of Financial Product Development at 21Shares – "launching the ETP for Cronos is our way of providing managed access to a blockchain ecosystem actively promoting practical applications".
Cronos is a Layer-1 blockchain backed by Crypto.com, designed to seamlessly integrate with both Ethereum and Cosmos ecosystems, while supporting decentralized applications in DeFi, NFT, and Web3 fields. The native CRO Token currently has a market capitalization of around $2.3 billion and a fully diluted valuation (FDV) of nearly $8.7 billion, according to data from CoinMarketCap.
The DeFi ecosystem on Cronos is recording a total locked value of around $400 million, with notable products like Crypto.com Staked ETH – a liquidation staking solution for Ether – with a TVL of nearly $64 million, according to defillama.
21Shares' move to expand its product portfolio comes amid notable changes in the global ETP and crypto ETF market, especially in the altcoin segment. On May 5, VanEck – a US asset management company – filed with the US Securities and Exchange Commission (SEC) to list the first ETF in the country based on BNB Token, the native asset of the BNB Chain ecosystem operated by Binance.
For its part, 21Shares is also actively expanding in the US through ETF proposals for other crypto assets such as Dogecoin, Polkadot, and Solana. To date, over 70 crypto ETF proposals are awaiting approval from the SEC.
