Capitalizing on the crypto market’s resurgence and rising demand for crypto ETFs, Valour, a crypto fund issuer under DeFi Technologies, launched a Near Protocol ETP today, July 17th. This new product tracks the value of NEAR, Near Protocol’s native token. The announcement was made via Valour’s X post (formerly Twitter).
Elaine Buehler, Valour’s head of product, highlighted that the new fund offering provides investors with exposure to an asset known for its significant impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).
The Near Protocol ETP will be available for buying and selling on Sweden’s Spotlight Stock Market. This allows both individual investors (retail) and large investment firms (institutional) to gain a stake in the Near Protocol platform, which focuses on building applications that don’t rely on a central authority.
Near Protocol, a blockchain platform designed to streamline development processes, is attracting significant attention. Focused on overcoming challenges like user onboarding and multi-chain compatibility, Near Protocol is establishing itself as a major player in the digital asset space.
According to data from CoinMarketCap, Near Protocol’s native token, NEAR, boasts a market capitalization of roughly $6.8 billion, placing it in 17th place in digital assets globally. This impressive market valuation highlights the growing interest in Near Protocol’s technology and its potential to revolutionize blockchain development.
The strength of Near Protocol’s technology stack is evident in the diverse Web3 projects built upon it. These projects include Burrow, a decentralized money market protocol, and Mintbase, a leading NFT platform. Their presence demonstrates Near Protocol’s ability to support a wide range of innovative applications, solidifying its position as a powerful force in the Web3 space.
Valour, the issuer of the new Near Protocol ETP, is already a well-established player in the digital asset ETP market. Their offerings include Valor Solana, one of the largest Solana ETPs available, Valour Hedera (HBAR) ETP, and a range of staking products for major cryptocurrencies like Bitcoin, Ethereum, and Internet Computer.
This news follows significant developments in the US. On July 16th, regulators reportedly approved BlackRock, Franklin Templeton, and VanEck to launch the first Ethereum exchange-traded products (ETPs) in the country. Analysts see this as a pivotal moment, potentially opening the door for more crypto investment products in the US, including possibly a Solana-based ETP. Approval for Ethereum ETPs could also pave the way for similar products tied to other established blockchain projects like Near Protocol.
DeFi Technologies, the parent company of Valour, oversees around $600 million in assets through various cryptocurrency-focused strategies. On July 16, the company announced its acquisition of trading desk Stillman Digital in an all-stock transaction. Analysts believe this move will reshape the Canadian crypto platform into a scaled-down counterpart of Galaxy Digital.
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