21Shares unveils four new European crypto ETPs

21Shares added four ETPs to its Europe offerings as crypto fund issuers flooded the region with more digital asset investment products.

On Nov. 27, the Swiss wealth manager introduced new exchange-traded products underpinned by four cryptocurrencies, including Pyth Network pyth4.18% Pyth Network, Ondo ondo2.53% Ondo, Render (RNDR), and the Near Protocol near5.94% NEAR Protocol. 21Shares said that its latest additions covered price oracle, asset tokenization, decentralized computing, and artificial intelligence, respectively.

Also, 21Shares will allow investors to reinvest staking rewards from NEAR into the ETP. Near’s proof-of-stake blockchain model enables buyers to secure the network by locking tokens. The practice is called staking and earns yield for participants.

21Shares noted that reinvesting rewards could improve its NEAR ETP performance and deliver bigger customer gains. All four ETFs will be tradable on exchanges across Amsterdam and Paris, to name a few cities.

21Shares pushes European expansion

Additions to the 21Shares crypto ETP fleet were announced weeks after the Zug-based issuer sought regulatory clarity. In October, the fund manager urged European watchdogs to provide clear guidelines for retail and institutional digital asset product investors.

Although the Markets in Crypto-Assets Regulation created rules for stablecoin operators and exchanges, a gap remains regarding ETFs and ETPs in Europe. 

21Shares opined that the European Securities and Markets Authority could bridge the gap and offer a comprehensive framework for all EU member states.

In the meantime, the fund issuer leveraged flexible policies on crypto staking. Earlier in November, it rebranded its Ethereum Core ETP to include staking rewards. The product was renamed the Ethereum Core Staking ETP to reflect the change.