Exclusive: Crypto ETP Issuer 21Shares’ President on Success of $SOL and $DOT Products and Why They Use CryptoCompare’s Price Data
Ophelia Snyder, co-founder and president at Switzerland-based firm 21Shares AG, which is considered one of the pioneers in issuing cryptocurrency exchange-traded products (ETPs), has revealed that some of its most successful products at launch were products offering exposure to Solana ($SOL) and Polkadot ($DOT).
In an exclusive interview with CryptoGlobe during this year’s CryptoCompare Digital Asset Summit (CCDAS) event, Snyder revealed that investments into cryptocurrency ETPs often follow excitement in the broader market, with ETPs gaining traction at the same time the spot market does. She said some of its most ETPs were two recently launched ones:
“Some of our most successful out of the gate launches were things like Solana and Polkadot, although obviously Bitcoin and Ethereum remain incredibly popular.“
As CryptoGlobe reported, 21Shares recently launched physically-backed ETPs for Cardano ($ADA), Solana, and Polkadot on the SIX Swiss exchange in CHF, along with four other cryptocurrency investment products.
During the interview, Snyder revealed that 21Shares has “new stuff coming” over the next several weeks and months and that the company is “really excited” about being first to the market with the launch of new products. The company’s co-founder detailed they’re “bringing some really creative things” to the market.
As for 21Shares’ process before launching new products, Snyder noted that the firm categorizes products according to what they believe should exist, based on potential developments of high-quality cryptoassets, and according to demand from large clients. Often, she said, crypto ETPs fall into more than one category.
Per her words, 21Shares tries to keep its eyes “open holistically on the entire market” so that they “can be positioned to bring high-quality products on high-quality coins as quickly as possible.”
The firm sources price data for all of its single-asset ETPs from CryptoCompare, which is a leading cryptoasset market data provider. When asked about her firm’s strategic partnership with CryptoCompare, the 21Shares President had this to say:
“One of the things that from my perspective I really like about working with CryptoCompare is that we we’ve been partners for very long time. They were one of the first really institutional-grade data providers in the space, which when you deal with products like ours is incredibly important.
“So, it really comes down to consistency, reliability, flexibility, and staying where the market needs us to be in terms of which assets they can support, the depths of data, and the way in which they connect to different exchanges to source that data.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.