21 Shares Launches First Crypto ETP for Cosmos (ATOM)

Giving a massive push to the Cosmos blockchain, 21 Shares one of the world’s largest issuers of cryptocurrency ETPs, today announced the listing of the first crypto ETP for the Cosmos blockchain.  The exchange-traded products (ETP) are set to trade against CHF, EU, and USD on Switzerland’s SIX Exchange.

21Shares’s Cosmos ETP will deliver a product for investors looking to capitalize on the growth trajectory of interoperable, decentralized blockchains that are empowering the early stages of the metaverse. 

The CEO and Co-Founder of 21Shares, Hany Rashwan, said:

“We are thrilled to launch this product as we continue building widely accessible bridges into the crypto world.”

Diversifying, Developing, and Growing

Cosmos is a proof-of-stake chain with the ATOM token powering an ecosystem of blockchains designed for scaling and interoperability. The organization aims to ‘create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way.’ 

The Cosmos ecosystem knits together Decentralized Finance (DeFi) infrastructure and marketplaces, financial tools like wallets and smart contracts, as well as gaming apps, among other features. The Cosmos ecosystem’s ability to enable the use of the IBC protocol to allow blockchains to exchange value without compromising their underlying assets gives the ecosystem edge in the space. 

That said, focusing more on development, a liquidity staking module is coming to Cosmos soon.  Liquid staking could give additional functionality to the staked chain assets, meaning that ATOM will be able to issue a staking derivative without needing to unbound or redelegate.

That said, Cosmos’s DeFi ecosystem has seen some good growth in 2022 and currently sits just under the $9 billion mark according to data from DeFi Lama.

ATOM Prepares to Rally

The announcement of Cosmos ETP listing positively impacted price and social sentiment for the altcoin. ATOM saw an over 10% appreciation in price jumping from $35.5 to $39.41 at press time. 

While price saw a jump, the retail crowd was still cautious of its move as spot trade volumes for ATOM saw no major uptick and since the altcoin was still down around 2% on the weekly chart. 

Nonetheless, ATOM’s long-term prospects looked decent as development collaborations seemed to pave way for future growth.