21Shares launches dYdX ETP as institutions circle crypto derivatives

21Shares has launched the first fund tracking dYdX's native token, offering investors exposure to DeFi derivatives protocol.

Switzerland-based 21Shares, one of Europe’s largest issuers of crypto exchange-traded products, has launched the first fund tied to dYdX, a decentralized exchange (DEX) specializing in perpetual futures.

According to an announcement shared with Cointelegraph, dYdX has processed over $1.4 trillion in cumulative trading volume and lists over 230 perpetual markets. The dYdX Treasury subDAO supports the physically backed product through a decentralized finance (DeFi) treasury manager, kpk.

By positioning dYdX within a regulated exchange-traded product (ETP), 21Shares said it is creating an on-ramp for institutions.

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