21Shares Debuts 1st Terra Crypto ETF

The product is the second largest crypto ecosystem after ethereum.

Reviewed by: Tom Eckett
Edited by: Tom Eckett

[Editor’s note: This article originally appeared on ETF Stream]

London – Cryptocurrency issuer 21Shares has expanded its range with the launch of the world’s first terra exchange-traded product (ETP).

The 21Shares Terra ETP (LUNA) is listed on the SIX Swiss Exchange in Swiss francs, euros and US dollars.

LUNA offers exposure to the terra blockchain which is the crypto market’s second-largest ecosystem after ethereum with $18.8bn in total value locked (TVL), the key metric to describe the number of assets staked in a blockchain protocol.

Founded in 2018 by Daniel Shin, co-founder of South Korean eCommerce platform TicketMonster, and Do Kwon, a former Microsoft and Apple software engineer, the terra ecosystem includes decentralised finance (DeFi) infrastructure, financial tools applications and NFT solutions.

Terra blockchain technology allows up to 10,000 transactions per second versus 15-30 transactions for ethereum while 21Shares added transaction costs are low.

Commenting on the launch, Hany Rashwan (pictured), CEO of 21Shares, said: “We have been following the Terra ecosystem for a long time and have been very impressed with its development and traction.”

21Shares launches mid-cap crypto ETP

21Shares has the most extensive crypto ETP range in Europe with 22 strategies and 83 listings including the world’s first ETPs offering exposure to tezos and solana.

Tom Eckett is the editor of ETF Stream, joining as a senior writer in March 2019. He started his career at Investment Week in August 2016 as an asset management correspondent covering ETFs.