21Shares Debuts The Sandbox-Focused ETP Product
The growth in the broader digital currency ecosystem has informed the sustained launch of products by venture capital firms to help their clients gain exposure to the nascent industry.
In one of such moves, 21Shares, a Zug-Switzerland-based digital currency asset manager, has launched a metaverse product with a focus on The Sandbox.
Ranking as its 30th product to date, the single asset investment is billed to track the price of the SAND token. The SAND product is designed to give investors the easiest and safest way to invest in The Sandbox token that powers The Sandbox platform, the decentralized virtual world providing gaming experiences.
A 2.5% fee will be levied, and this seems not to matter as Ophelia Snyder, one of the co-founders of 21Shares confirmed that investors’ preferences are gradually shifting from Bitcoin (BTC) and Ethereum (ETH) assets respectively.
“The conversation has really shifted away from, Is bitcoin going to exist in three years? To what will the crypto ecosystem look like in three years? And that means that the types of discussions we're having with institutional clients are much more sophisticated…and metaverse is one of those things where you're starting to see real themes emerge in crypto,” says Snyder.
21Shares occupies a very pivotal position in today’s cryptocurrency industry and has generally pioneered innovative exchange-traded products across the board.
Back in July 2021, 21Shares announced a partnership with the German online financial services bank, Comdirect, to diversify more options by providing cryptocurrency ETPs to their customer savings accounts.
The company has also been playing a very prominent role in seeing the U.S. get its first spot Bitcoin ETF product. However, its efforts in this regard were dashed earlier this week as the United States Securities and Exchange Commission (SEC) rejected the company’s spot application for a Bitcoin ETF it filed in conjunction with Cathie Wood’s Ark Invest.
The latest SAND project comes off as a solace for the firm as it redirects its strategy in a bid to offer investors avenues to embrace crypto innovations.
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