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- 21Shares is reportedly bringing Cronos ETP to the Euronext market with regulated exposure to the CRO token and Web 3.
- The Cronos blockchain combines CeFi and DeFi, decentralized finance, NFTs, Web 3.0 applications, and AI.
- The new ETP helps traditional investors access the Cronos blockchain without owning digital assets, bridging finance systems.
21Shares has created a new ETP to enable users to invest in regulated exposure to the Cronos blockchain and the CRO token. ETP is publicly traded on the Euronext stock exchange in both Paris and Amsterdam, where the Company uses the symbol CRON. It carries a 2.5% management fee and is designed to become an easy-to-use gateway to Web3 for investors seeking a regulated crypto investment opportunity.
While, Cronos is an enabled Layer 1 blockchain for DeFi, NFTs, and artificial-intelligence-based applications of Web 3. It is the interoperability with Ethereum and Cosmos blockchains. This feature connects CeFi and DeFi spheres, an innovative approach to developing blockchains.
21Shares’ Head of Financial Products Development, Mandy Chiu, elaborated on the position of the blockchain in the market. Cronos is right at the juncture of centralized control point and decentralized creativity, Chiu said. She considers this positioning beneficial for investors interested in utilizing both traditional finance and decentralized solutions, such as those offered by Cronos. The entrance of the ETP shall assist traditional investors in readily connecting with the network of Cronos.
Eric Anziani, President and COO of Crypto.com, described a more general significance of this cooperation. He further said that this was in line with the overall strategy of bringing the idea of investing in digital currencies to the mainstream market. This ETP will be particularly helpful for consumers interested in the Cronos blockchain. But not willing to deal with fiat currency directly.
21Shares Cronos ETP Launch
However, Cronos prices rose in March after the regulatory approval of the creation of Strategic Reserves. To address the issue, it was decided to burn 50 million of the CRO tokens in order to ensure the stabilization of the ecosystem.
This vote enabled 70 billion new CRO tokens to be created in the next ten years. Which created apprehensions regarding token dilution. In response to this, the developers proposed to burn 50 million CRO tokens from the community pool.
While, the company has expanded its list of crypto ETPs by introducing a new one. This launch will attract investor attention to seek regulated products related to blockchain ecosystems. The Cronos ETP can be bought from normal banks and brokerages and is currently available over the counter. Investors can now invest in the CRO token and receive such services under the regulated framework without owning cryptocurrencies themselves.
However, this launch of products is a big leap towards achieving the goal of making 21Shares an intermediary between the conventional finance system and emerging decentralized finance. The Cronos ETP continues to be oriented towards developments that would help bring blockchain investment to the masses.
