21Shares has announced the launch on the SIX Swiss exchange of a new ETP called ETP 21Shares-Polygon (ticker POLY), which will replicate the price trend of the cryptocurrency POLYGON.
Summary
The first ETP on Polygon
Polygon is a scaling platform for Ethereum, which is already very well established and used by millions of people.
21Shares is the largest crypto ETP provider in the world, with over $2.9 billion in 18 cryptocurrency-based ETPs.
Given that on-chain Ethereum scaling solutions are not yet operational, Polygon is enjoying great success, as it reduces the time but especially the cost of transactions. Moreover, the project has recently announced investments of $1 billion to pursue its goals.
The new ETP will be accessible to any investor using a bank or broker with access to the SIX Swiss Exchange.
The derivative is fully backed by the underlying crypto asset, which is stored in an institutionally secured facility on an offline cold wallet.
Polygon on SIX
21Shares co-founder and CEO Hany Rashwan said:
“Adding Polygon to our already expansive suite of single-asset ETPs delivers another simple and easy option for investors to enter the crypto asset class, and allows us to continue fulfilling our mission to build the simplest and most transparent way to access this asset class”.
These products are aimed primarily at investors who prefer not to deal directly with the tokens, and especially their custody. They are also aimed at those who prefer not to have to create new accounts on other platforms but to continue using the platforms they currently have in use. This is why it is important that POLY simply appears among the options available to those already using SIX-related platforms.
Polygon co-founder Sandeep Nailwal commented:
“Around the world, there’s a growing number of private and institutional investors who are realizing the economy-wide transformation that’s underway as a result of NFTs and DeFi. With Polygon’s unique technology underpinning this crypto asset revolution, we anticipate the growth in terms of both investor interest and capital inflows to accelerate over the foreseeable future”.
