Cardano and Polkadot ETPs launched by Swiss investment firm
Valour Structured Products Inc said it has launched its Cardano ETP on the Nordic Growth Market in Sweden, with the Polkadot ETP scheduled to launch on the exchange later this month
The growing popularity of alternative cryptocurrencies has taken another step forward after a Swiss digital asset firm launched two exchange-traded products (ETPs) tracking two of the most popular altcoins, Cardano and Polkadot.
On Tuesday, Valour Structured Products Inc said it has launched its Cardano ETP on the Nordic Growth Market in Sweden, while the Polkadot ETP is scheduled to launch on the exchange later this month. The new ETPs will be backed by Cardano and Polkadot purchased by Valour.
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Both of the altcoins have risen to prominence in recent months alongside steep jumps in value, with the price of Cardano having increased by 1,117% so far this year while Polkadot has risen 375%.
The launch of altcoin ETPs follows a similar trend for more established cryptocurrencies such as Bitcoin, Ethereum and Litecoin, all of which have at least one ETP on European exchanges as investors increasingly search for ways to play the crypto market through traditional financial products.
In late-morning trading on Tuesday, Cardono was down 2.4% over the last 24 hours at US$2.13, while Polkadot was up 3.9% at US$41.44.
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