21Shares has expanded its cryptocurrency range with the launch of the world’s first polkadot exchange-traded product (ETP).

The 21Shares Polkadot ETP (ADOT) is set to list on the SIX Swiss Exchange on 4 February and will track the price of polkadot, the third-largest cryptocurrency.

Polkadot is a blockchain of blockchains which allows otherwise independent blockchains to communicate with each other, share security features and transfer assets freely among themselves.

The DOT token, which is the token of the polkadot network, has seen its market cap surge to $16.8bn in recent months.

Commenting on the launch Hany Rashwan, CEO of 21Shares, said: “After investors purchase their first bitcoins through our ETPs, there is a natural transition to invest in other crypto assets.

“European investors are approaching us to launch new products based on other key crypto assets to enable them easy access without the need for a private key or unregulated wallets and exchanges.”

Bitcoin ETP landscape hots up

21Shares revealed it is planning to launch two or three more cryptocurrency ETPs over the next three months.

The launch comes a week after polkadot was added to the firm’s flagship 21Shares Crypto Basket Index ETP (HODL) and currently accounts for 26.8% of the ETP, as at 2 February.

21Shares now offers 12 crypto ETPs, the most extensive in Europe, with $445m assets under management (AUM).