- Investors can now buy and sell exchange-traded notes (ETNs) based on Cardano and Stelllar in Germany.
- Boerse Stuttgart is the second largest stock exchange in the country, giving the tokens wide exposure in the region.
Cardano (ADA) and Stellar (XLM) exchange-traded notes (ETNs) have been launched on the Boerse Stuttgart. This means that investors can now buy, track and sell the two digital assets on the second-largest stock exchange in Germany. The securities are issued by 21Shares with prices being tracked in relation to the Euro. Since 2017 when the first ETN was issued, 21Shares has set itself as the leading issuer of crypto Exchange Traded Products (ETPs)
As interest in cryptocurrencies grows, more and more organizations are looking to adopt and offer investors products that allow them to participate in the growing industry. In Germany, Boerse Stuttgart is leading with this – after the latest addition, the platform now supports 22 crypto ETNs.
Jürgen Dietrich, Director Blue Chips & Funds Trading at Boerse Stuttgart stated,
Interest in cryptocurrencies continues to grow, and market momentum remains strong. With the ETNs, investors can now participate in the price development of the two cryptocurrencies Cardano and Stellar through exchange-traded securities.
He further added that crypto ETN investors would enjoy long trading hours due to the volatile nature of digital assets. The director noted that crypto investors can trade from 8:00 to 22:00 hours CET.
The new addition is not only a win for German investors looking to participate in the market but for Cardano and Stellar communities as well. The two tokens will be exposed to one of the most affluent and progressive markets in the world. For Cardano, which has been making steady progress in recent months, this is a new market and a chance to grow further.
ADA has slowed in Q2 after an explosive performance in the first quarter of the year. Despite this, it has remained positive with the last 7 days showing it has gained over 20 percent. On Friday, the digital asset marked a new all-time high as it reached $1.75. With a market cap of a little over $52 billion, the digital asset ranks 7th at the time of press.
Like ADA, XLM is up by nearly 20 percent from the last 7 days. The asset has not been as profitable as ADA as it continues to trade below its 2017 high. Its ATH is $0.93 and at the time of press, prices are in the $0.63 region. This means it is roughly 30 percent below its ATH. With its market cap just under $15 billion, the coin ranks 14th in the market.