21Shares Launches Physically Backed dYdX ETP in Paris and Amsterdam

Investment company 21Shares announced the launch of a new exchange-traded product — 21Shares dYdX ETP (ticker: DYDX). Trading has already started on the Euronext Paris and Euronext Amsterdam platforms.

The product is 100% physically backed and tracks the price of the DYDX token, providing investors access to one of the first decentralized trading platforms offering perpetual futures contracts.

With the launch of DYDX, the total number of cryptocurrency ETPs from 21Shares in Europe has reached 48 instruments, and the company’s assets under management amount to approximately $11 billion.

According to the press release, the dYdX platform remains one of the leaders in the DeFi derivatives segment: in July, its trading volume was $7.7 billion, and the number of weekly active traders exceeded 15,000.

“Thanks to its first-mover advantage, the dYdX platform has facilitated over $1.5 trillion in cumulative trading volume, accounting for more than 20% of the entire decentralized perpetual contracts market. The new ETP is a natural addition to our European lineup and provides investors access to one of the most innovative projects in the industry,” said Mandy Chiu, Head of Product Development at 21Shares.

Head of dYdX Foundation Charles d’Haussy added:

“The dYdX-based ETP is an important step, providing institutional investors the opportunity to leverage cutting-edge technology and rethink the future of crypto derivatives.”