- 21Shares files for Ondo ETP, boosting ONDO token market.
- Ondo token sees a 2.3% price rise.
- Increased European trading activity from the filing.
The filing highlights the increasing integration of tokenized real-world assets into traditional finance. Market reactions show a quick increase in token value, reflecting positive sentiment.
21Shares’ Strategic Filing
21Shares announced their filing for an exchange-traded product (ETP) backed by the ONDO token, a significant move in the crypto sector. The ONDO token powers Ondo Finance, a platform focusing on tokenized real-world assets and fixed-income products, with 21Shares spearheading the effort. The filing intended to provide “regulated and transparent” access to tokenized assets, according to an official company announcement.
Market Impact
The filing led to an immediate 2.3% increase in the ONDO token’s price, marking a positive market reaction. As part of the filing, Coinbase Custody will serve as the custodian, providing a secure storage solution for the assets. Hany Rashwan, CEO of 21Shares, stated, “The launch of the ONDO ETP represents a significant advancement in providing regulated access to tokenized assets in the European market.” 21Shares views these ETP offers as “game-changing,” promoting the accessibility of digital assets in Europe.
Growing Trading Activity
The immediate consequence of the filing includes rising market interest, as seen in the increased trading activity for the ONDO token. The move bridges traditional finance and digital asset markets. The product’s structure, 100% backed by ONDO tokens and held in cold storage, emphasizes safety and institutional trust.
Future Prospects
Such initiatives are expected to pave the way for increased institutional engagement in the crypto sphere. Historical trends from previous 21Shares ETPs for other blockchain tokens indicate potential sustainability in market impact. Future regulatory adjustments may further streamline the entry of such ETPs into mainstream financial systems.
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