The mainstream market now has a new way of buying and selling the crypto asset Polkadot — via an exchange-traded product.
The mainstream-finance world has taken notable strides to incorporate various crypto assets. A new exchange-traded product (ETP) for Polkadot (DOT) recently surfaced on a mainstream exchange in Sweden.
The Nordic Growth Market (NGM) is an equities market based in Sweden holding regulatory approval in the country, and serves participants from multiple countries.
The NGM now hosts buying and selling for the DOT ETP, officially labeled as the “Valour Polkadot (DOT) SEK,” according to a public statement provided to Cointelegraph. The ETP is a product of Valour, a company that produces digital asset-based ETPs. The product went live on the exchange on Monday, under a company Valour’s parent company DeFi technologies.
“This is a particularly exciting time for the Polkadot protocol with the upcoming launch of its parachain functionality, providing increased scalability and finalizing its core build,” Valour’s CEO Diana Biggs said, as quoted in the public statement. “Our launch of Valour DOT SEK is a direct response to increased demand from both retail and institutional investors for access to further innovative blockchain protocols via our ETPs.”
Over the years, mainstream entities have paved more traditional roadways for cryptocurrency exposure, such as the Chicago Mercantile Exchange’s Bitcoin (BTC) and Ethereum futures, Grayscale’s crypto-based products and Canadian Bitcoin exchange-traded funds.
Using traditional stock market measures, participants can buy and sell the DOT ETP, which is backed by the crypto asset DOT. “For each exchange-traded product of Valour that is bought and sold on the stock exchange, Valour purchases or sells the equivalent amount of the underlying digital assets, meaning the products are fully backed at all times,” the statement referring to Valour’s ETPs in general.