Homburger advised 21Shares AG in the listing of three new series of crypto-linked exchange traded products on the SIX Swiss Exchange
On November 18, 19, and 23, 2021, respectively, 21Shares AG, a Zug-based special purpose issuance vehicle of the fintech group Amun and the Swiss market leader in crypto-linked exchange traded products (ETPs), successfully issued and listed three new series of crypto-linked ETPs on the SIX Swiss Exchange. The first series, 21Shares Polygon ETP (POLY), tracks the investment results of Polygon, an Ethereum scaling platform onboarding millions to Web3. Polygon is said to be the most popular full-stack Ethereum scaling solution due to its high speed, low transaction cost, and network composability. The second series, 21Shares Avalanche ETP (AVAX), is linked to Avalanche, an Ethereum rival, which – by higher transaction output of up to 6’500 transactions per second, while not compromising scalability – tried to replace Ethereum as the most popular blockchain for smart contracts. The third series, 21Shares ETP Algorand (ALGO), has Algorand as an underlying, a layer 1 blockchain solution supporting the creation of decentralized applications. All three underlyings (POLY, AVAX and ALGO) can be used for payments. The products are fully collateralized by the underlying components.
Homburger acted as Swiss legal counsel to 21Shares AG. The Homburger team was led by partner Benjamin Leisinger and included associates Vanessa Isler and Olivier Baum, junior associate Lukas Bichsel as well as paralegal Ganna Schneuwly (all Capital Markets).