21Shares Debuts Cronos ETP in US Amid Altcoin Fund Frenzy
21Shares launched a fund tracking the price of Cronos for U.S. investors, marking a trend of increasing altcoin-based investment offerings. Cronos, backed by Crypto.com, facilitates interactions with decentralized finance platforms, NFTs, and Web3 applications. The exchange-traded product (ETP) allows investors to gain exposure to Cronos without directly holding the asset, aiming to promote real-world crypto adoption. Cronos is compatible with Ethereum and Cosmos networks and was trading at $0.08636, down 1.54%. The launch coincides with a surge in applications for altcoin-based funds in the U.S., as investor interest grows. Spot bitcoin ETFs manage over $100 billion, while Ethereum funds hold over $7 billion. Additionally, Trump Media plans to create ETFs tracking tokens like Cronos and Bitcoin, contributing to Cronos's recent price increase of 30% following the announcement.
