21Shares, a prominent issuer of crypto exchange-traded products (ETPs), has unveiled two new offerings in Europe, increasing its total to 50 products managed globally. The new ETPs, named the 21Shares Artificial Superintelligence Alliance ETP (AFET) and the 21Shares Raydium ETP (ARAY), focus on sectors like artificial intelligence and decentralized finance (DeFi). This move is expected to revitalize interest among investors, particularly in tokens such as Fetch.ai and Raydium.
AFET, which tracks a unique decentralized AI ecosystem, includes assets from Fetch.ai, SingularityNET, Ocean Protocol, and CUDOS. It is now available on Euronext exchanges in Amsterdam and Paris, while ARAY, listed on the SIX Swiss Exchange, provides exposure to Raydium, a leading decentralized exchange on the Solana blockchain. Raydium is recognized for its deep liquidity and innovative revenue models, playing a crucial role in the tokenization of real-world assets, and ARAY currently holds approximately $1.29 million in assets under management (AUM).
These new products symbolize a significant achievement for 21Shares, which boasts $11 billion in global AUM. Since it introduced the first token-backed crypto ETP in 2018, 21Shares has become a leader in offering a wide range of physically backed crypto ETPs across Europe, even as trading volumes remain lower compared to the more established US market, especially in Bitcoin and Ether ETFs.
Despite the launch of these new ETPs, the individual tokens associated with them have faced challenges. Fetch.ai (FET) is currently priced at around $0.64 but remains approximately 80% below its peak value of $3.47, despite seeing a 6% increase in trading volume in the last 24 hours. Similarly, Raydium (RAY) is trading at $3.25, down nearly 5% in the past week, although its trading activity has surged by 23% recently. Like FET, RAY is over 80% below its all-time high of $16.93, but the uptick in trading volume suggests potential for future price movements.
These developments bring renewed attention to the evolving crypto market, especially around AI and DeFi sectors, with stakeholders eager to see how the increased trading activity might influence price trajectories in the upcoming months.
