Exciting: 21Shares Launches Cronos ETP for Easy CRO Token Access

Are you looking for simpler ways to add cryptocurrency exposure to your portfolio without the hassle of managing digital wallets? The financial world continues to bridge the gap between traditional investing and digital assets. A significant step in this direction is the launch of a new investment product focusing on a popular altcoin.

21Shares Introduces Cronos ETP

Leading crypto asset manager 21Shares has announced the launch of a new exchange-traded product (ETP) in Europe. This innovative product is designed to give investors straightforward exposure to the Cronos (CRO) token, the native cryptocurrency of the Cronos blockchain network.

Key details of the launch:

• The ETP is listed on major European exchanges: Euronext Paris and Euronext Amsterdam.
• It holds CRO, the asset associated with Crypto.com’s affiliated network.
• The goal is to allow investors to integrate CRO into their portfolios using traditional banks and brokers, removing the need for direct crypto handling.

Understanding the CRO Token and Crypto.com Connection

The ETP provides exposure to the CRO token. CRO powers the Cronos network, a layer-1 blockchain. This network is closely associated with the centralized exchange Crypto.com.

Cronos is built to be compatible with both the Ethereum and Cosmos ecosystems. Its design supports a range of applications, including decentralized finance (DeFi), NFTs, and Web3 projects. Mandy Chiu, 21Shares’ head of financial products development, highlighted that the ETP offers regulated exposure to an ecosystem focused on real-world adoption.

Market Snapshot: CRO Token and Cronos Network

Looking at market data provides context for the CRO token and its network:

• The CRO token has a market capitalization around $2.3 billion.
• Its fully diluted value is close to $8.7 billion (data from CoinMarketCap).
• The Cronos network’s Total Value Locked (TVL) is approximately $400 million (data from DeFiLlama).
• A notable part of the Cronos DeFi ecosystem is Crypto.com Staked ETH, with nearly $64 million in TVL.

These figures show the scale of the Cronos ecosystem that the new 21Shares ETP taps into.

The Rise of Altcoin ETF and ETP Products

The launch of the 21Shares Cronos ETP is part of a broader trend. Asset managers are increasingly creating investment products for various cryptocurrencies beyond Bitcoin and Ethereum.

For instance, VanEck recently filed for a US-based Altcoin ETF tied to BNB, the token linked to Binance. 21Shares itself has proposed US ETFs for assets like Dogecoin, Polkadot, and Solana. The push for these products in the US has gained momentum, with many applications filed with the SEC.

Why Consider a Cronos ETP?

Investing in a product like the Cronos ETP offers potential benefits for certain investors:

• **Accessibility:** Easily trade through existing brokerage accounts.
• **Convenience:** No need to manage private keys or digital wallets.
• **Regulation:** Provides exposure within a regulated framework (for the ETP itself).

This approach simplifies gaining exposure to the performance of the CRO token for those familiar with traditional investment platforms.

In conclusion, 21Shares’ launch of the Cronos ETP marks another step in integrating crypto assets into mainstream finance. It provides European investors a regulated and convenient way to access the CRO token, reflecting the growing interest in altcoin investment products across global markets.