Leading issuer of cryptocurrency listed products 21Shares has launched its 30th cryptocurrency ETP that will track The Sandbox’s SAND token.
This is the cryptocurrency company’s 30th ETP and will be listed on the Euronext Paris and Amsterdam exchanges.
The Swiss issuer of listed crypto products offers institutional investors the opportunity to invest in The Sandbox’s rapid growth.
Leading issuer of crypto listed products (ETP) 21Shares has launched its 30th ETP through The Sandbox’s SAND token. The latest metaverse-themed ETP comes on the heels of the launch of the Decentraland ETP (MANA) in February.
The metaverse has become a point of interest for major issuers of listed products, and several U.S. firms, such as ProShares, have launched their own metaverse ETF.
The metaverse is described as a 3D virtual space of immersive worlds that builds on the next iteration of the Internet, dubbed Web3.
Exchange-traded products are seen as leveraged vehicles that institutional investors can use to capitalize on the explosive growth of the metaverse. Major investment banks, such as Goldman Sachs, ICAP, JPMorgan and UBS, have purchased ETPs for their clients.
Sandbox is a metaverse platform built on the world’s leading decentralized application ecosystem, Ethereum. The platform offers integration of third-party gaming products along with its own games and digital real estate ownership, among other metaverse-based experiential services.
The new 21Shares ETP will give investors exposure to The Sandbox’s metaverse and blockchain gaming projects, capitalizing on the platform’s rapid growth.
The Sandbox is a subsidiary of Animoca Brands, one of the leading GameFi and blockchain investment firms in the space. Its founder, Yat Siu, has maintained the importance of creating an open metaverse for everyone, constantly backing projects that want to bring Web3 to the masses.
Hany Rashwan, CEO and co-founder of 21Shares, said one of the reasons behind the new ETP is due to demand from investors, who want to diversify their exposure to cryptocurrencies beyond bitcoin and Ethereum.
“The metaverse is one of the most preeminent themes within cryptocurrencies right now, with The Sandbox in particular showing strong growth to become the best performing metaverse token,” Rashwan said.
His firm has more than 130 ETPs, totaling approximately $3 billion in total assets under management (AUM).