21Shares has launched the first crypto exchange-traded product (ETP) offering exposure to decentralised finance lending marketplace MakerDAO (decentralised autonomous organisation).
The 21Shares Maker ETP (AMKR) has listed on BX Swiss with a total expense ratio (TER) of 2.5%.
The ETP seeks to provide investors with exposure to MakerDAO, which employs a two-asset model comprised of governance token MKR and decentralised stablecoin dai.
MKR allows holders to exercise voting rights and participate in value capture while the dai is the world’s largest decentralised stablecoin, pegged to the US dollar and backed by assets including US Treasuries.
Last October, MakerDAO selected crpto bank Sygnum as the lead partner in its $500m US Treasury diversification into traditional assets.
Sygnum partnered with the Swiss arm of BlackRock to invest $250m into the iShares $ Treasury Bond 0-1yr UCITS ETF (IB01) and the iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS).
AMKR marks 21Shares’ latest offering in the DAO space after it launched the 21Shares Lido DAO ETP (LIDO) in June.
LIDO captures the performance of LDO, the underlying ERC-20 token which is a fungible smart contract enabling users to vote with Lido DAO.
21Shares is a portfolio company of ETFS Capital, an investor in ETF Stream
