21Shares has launched an ETP for Crypto.com’s Cronos token in Europe, allowing investors to access CRO easily via traditional banks. The Cronos network integrates with Ethereum and Cosmos, driving DeFi and Web3 applications. Additionally, VanEck has filed for a US ETF linked to BNB, while various firms are pursuing SEC approval for multiple cryptocurrency ETFs in light of changing regulations.
21Shares, a notable name in asset management, announced the launch of an exchange-traded product (ETP) in Europe focusing on Crypto.com’s Cronos token, referred to as CRO. This new ETP can be found on the Euronext exchanges in Paris and Amsterdam, according to a statement released on May 6.
Cronos (CRO) operates as a layer-1 blockchain network closely tied to Crypto.com, which is known as a centralized exchange. The architecture of this blockchain is made to work harmoniously with both Ethereum and Cosmos ecosystems, aiming to bolster decentralised finance (DeFi), support non-fungible tokens (NFTs), and foster Web3 applications, as indicated by 21Shares.
The ETP is designed to offer a simplified means for investors to include CRO in their portfolios via traditional banking and brokerage services. This system eliminates the necessity for dealing with digital wallets or cryptocurrency exchanges directly, which can often confuse newcomers to the crypto space.
Mandy Chiu, who heads up financial products development at 21Shares, highlighted that with the Cronos ETP’s launch, they are providing investors with regulated access to a technologically forward blockchain ecosystem that enhances real-world usage of crypto assets.
Currently, the market cap for the CRO token stands at around $2.3 billion, with a fully diluted valuation nearing $8.7 billion according to CoinMarketCap data. Meanwhile, the total value locked (TVL) in the Cronos ecosystem sits at approximately $400 million, showcasing its growing significance.
Included in this DeFi environment is Crypto.com’s liquid Ether staking token, known as Crypto.com Staked ETH, which boasts roughly $64 million in TVL, based on the latest insights from DeFiLlama.
In related news, on May 5, asset manager VanEck submitted a filing to create an exchange-traded fund (ETF) within the US. This fund is associated with the BNB token from BNB Chain, which is linked to the prominent Binance exchange.
21Shares is also looking to introduce various ETFs in the US that centre around well-known cryptocurrencies like Dogecoin (DOGE), Polkadot (DOT), and Solana (SOL). All of this comes amid a flurry of roughly 70 applications seeking the US Securities and Exchange Commission’s (SEC) endorsement for cryptocurrency ETFs.
The recent surge in these applications aligns with a shift in the regulatory environment initiated by US President Donald Trump, who has aimed to relax the SEC’s approach towards cryptocurrency since his administration began in January.
