Solana, Cardano and Polkadot ETPs land a spot on WisdomTree

Sahana Kiran
Source – Unsplash

WisdomTree, a prominent investment firm has just onboarded three leading cryptocurrencies Solana [SOL], Cardano [ADA] as well as Polkadot [DOT]. These products have made it to the platform in the form of exchange-traded products [ETP]. Thanks to WisomTree’s latest move, SOL, ADA, and DOT are now listed on SIX, the Swiss stock exchange, and Börse Xetra.

WisomTree, with its prominent hold around Europe, is all set to revolutionize the ETP game. The firm’s next choice of exchange was Euronext where Solana, Cardano, and Polkadot ETPs would be making their debut in Paris and Amsterdam. However, this is scheduled for the end of this month.

Elaborating on the latest development, WisdomTree Head of Digital Assets for Europe Jason Guthrie said,

“A key component to our approach is launching strategies which will resonate with institutional investors.”

Solana, Cardano and Polkadot the new face of ETPs?

Crypto ETPs have time and again struggled to amass approval from regulators. The US specifically has been very stringent. However, now Europe seems to be emerging as a haven for these products. While Bitcoin [BTC] and Ethereum [ETH] have been the first choice for these firms, their interest could certainly be altered.

The altcoins have started taking the front seat. Several investment giants have been steering their focus from Bitcoin and Ethereum into altcoins like Solana and Cardano. Earlier this month, Swiss Asset Manager Valour rolled out Cardano as well as Polkadot ETPs.

Altcoins pocket major gains

The entire market has been painted green. This week, started on a great note for the crypto-verse. Solana and Cardano certainly stood out among the lot by pocketing big gains. During press time, Cardano was trading for $1.22 with a whopping 30.77 percent surge over the last seven days.

Solana followed suit by recording a surge of nearly 23 percent over the previous couple of days. At the time of writing, SOL was trading for a high of $110.91. In addition to this, CoinShares, an asset management firm revealed that Solana investment products witnessed record-breaking inflows over the last week.

The total weekly inflow of the asset was at a high of $87 million. Bitcoin on the other hand recorded weekly flows of just 97.8 million. This disparity was proof of the reign of the altcoins.

Source – CoinShares