21Shares Announces the Launch of the Metaverse ETP Using Sandbox’s SAND Token

This is 21Shares’ 30th cryptocurrency exchange-traded product (ETP), and it will be cross-listed on Euronext Paris and Amsterdam.

21Shares, a crypto exchange-traded product (ETP) issuer located in Switzerland, has introduced a new vehicle centred on the SAND token to provide investors with exposure to The Sandbox’s metaverse and gaming platform.
Institutional investors frequently use ETPs to invest in cryptocurrencies and blockchain initiatives. Banks such as Goldman Sachs, ICAP, JPMorgan, and UBS have all acquired ETPs for their clients.

Sandbox is a decentralised virtual environment built on Ethereum in which users can monetise assets and game experiences. According to the press release, investors will be able to profit from The Sandbox’s growth in a secure manner through the ETP.

21Shares launched its Decentraland (MANA) ETP in February. According to Hany Rashwan, CEO and co-founder of 21Shares, the company chose Sandbox over other metaverse platforms for this ETP due to investor need for new alternatives outside bitcoin and Ethereum.

“The metaverse is one of the most prominent themes in cryptocurrency right now, with The Sandbox in particular demonstrating rapid growth to become the best performing blue-chip metaverse token,” Rashwan explained.

This is 21Shares’ 30th cryptocurrency exchange-traded product (ETP), and it will be cross-listed on Euronext Paris and Amsterdam. According to the news release, 21Shares manages close to $3 billion in assets under management (AUM) and has over 130 listings, including the world’s only ETP tracking Binance.

The introduction comes after SAND, The Sandbox platform’s native coin, fell 40% in the last three months. Other metaverse-related tokens, such as Decentraland and Axie Infinity, have similarly underperformed bitcoin year to date.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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