Valour Inc., an arm of the publicly traded DeFi Technologies, has unveiled its latest offering in the form of a cryptocurrency named ‘Sky’. This development marks Sky as the latest digital asset to feature in an exchange-traded product (ETP) in the Eurozone.
Sky ETP goes live on the Swedish Exchange ‘Spotlight’
The Sky ETP has been initiated on the Swedish exchange ‘Spotlight’, bringing Valour’s tally to a total of 100 ETPs. This particular ETP tracks the performance of the Sky, the governance coin of a decentralized finance protocol. The launch, which took place on Wednesday, October 22nd, marks an important milestone in Valour’s history as it aids in the firm expanding its offerings across Europe.
Elaine Buehler, the head of products at Valour, spoke about the significance of the latest product. She stated, “Valour Sky (SKY), being our 100th product, speaks volumes about where finance is headed. We’re transforming DeFi’s most robust ideas into something anyone can include in their portfolio. It’s regulated, user-friendly, and ready to scale.”
Understanding ETP and its role in cryptocurrency
In cryptocurrency terms, an ETP (Exchange-Traded Product) can be described as a financial security instrument that is backed by a specific cryptocurrency value. An ETP allows traders to access digital assets such as Bitcoin, Ethereum, or other tokens via standard brokerage accounts. The benefit of an ETP is that it eliminates the requirement for the investor to own or store the digital asset directly. Trading of ETP occurs on traditional securities exchanges, thereby making it a popular choice amongst investors.
Talking about the arrival of ‘Sky’, Buehler further added, “SKY is part of a new financial network that cuts across borders and legacy systems. This is what the future of investing looks like.”
European exchanges host ‘Sky’ ETP
Previously known as MakerDAO, Sky is a stablecoin and collateralized lending protocol. Its governance token, SKY, offers holders the power to vote on key ecosystem parameters and decisions. With the launch of the SKY ETP, investors are presented with a regulated access point to the DeFi token and its ecosystem.
This is not the first time Valour has listed digital asset exchange-traded products on European exchanges. In the past, the DeFi Technologies subsidiary has put assets up for trade on platforms such as Brse Frankfurt, SIX Swiss Exchange, the London Stock Exchange, and Euronext. The firm looks forward to further expand its reach in the region through the launch of Sky.
These developments indicate a growing acceptance and interest in cryptocurrency in the European landscape, signaling a shift towards a more digital form of assets. It also showcases the expanding influence of DeFi technologies and its successful integration within the more traditional trading arena. With companies like Valour spearheading these efforts, the future of digital finance seems promising in Europe.
