Credit: Original article published by Crypto Briefing Blog.

After adding Polkadot to its crypto index, 21Shares is launching an exchange-traded product (ETP) for the Web3 network’s currency. 

Polkadot Gets an ETP 

Investment product provider 21Shares is launching an ETP for the Web3 network’s DOT currency under the ticker PDOT. It will be available on the Swiss SIX exchange on Feb. 4. 

It’s the world’s first ETP for the growing parachain network. 

Polkadot was also recently added to the 21Shares cryptocurrency index. That product, which is named “HODL,” gives users access to various leading cryptocurrencies in one basket. It includes other cryptocurrencies with a large market cap like Bitcoin and Ether.

Polkadot’s weighting in the basket is 26.79% at publication, second behind only Bitcoin. 

The PDOT ETP is the first product that gives exposure to Polkadot alone. It’s primarily aimed at retail investors. 

Web3 Gains Steam

The Polkadot network has been growing rapidly, hosting innovations like multi-chain synthetic indexes and Solidity-compatible smart contract platforms.

The network’s ecosystem includes several parachains that run off the main network to improve scalability. It differs from Ethereum, which is working towards Layer-2 implementation and sharding with the eventual completion of Ethereum 2.0.

Notable parachains include Moonbeam and Polkadot’s answer to DeFi, Acala Network

Like Ethereum, Polkadot hopes to become a fundamental part of a decentralized world that’s been dubbed “Web3.” Though much of its growing network is focused on interoperability with other chains, it’s possible that one day it could become a serious competitor to Ethereum in the race to capture DeFi. 

Polkadot recently became the fifth-largest blockchain by market cap. It’s valued at roughly $16.2 billion, according to CoinGecko

Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies. 

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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