In an unprecedented development that turned heads across the cryptocurrency space, DeFi Technologies’ subsidiary Valour Inc. has recently collaborated with The Hashgraph Association to launch the world’s first Valour Hedera (HBAR) ETP (Exchange Traded Product). At the closing bell ceremony in the Frankfurt Stock Exchange on June 18, the launch of an HBAR ETP was brought into the spotlight.

This announcement soon gained global traction as a crypto HBAR-backed ETP follows the recent footsteps of a BTC & ETH ETP ( primarily spot ETFs). Meanwhile, Hedera (HBAR) price rallied nearly 6% amid the announcement making headlines.

Hedera (HBAR) ETP: What’s The Scoop?

Launched at the closing bell ceremony at Börse Frankfurt, a German crypto exchange, the Valour Hedera (HBAR) ETP remains poised to offer investors direct exposure to the HBAR cryptocurrency. Valour Inc., a prominent player in the digital asset ETP realm, has further cemented its global foothold with this offering.

Elaine Buehler, Product Head at Valour, emphasized that the launch of the world’s first Hedera (HBAR) ETP not only presents an investment opportunity but also serves as a ‘gateway’ for investors to seamlessly access and leverage the functionalities of the Hedera network. “This product simplifies the process, enabling investors to participate in the future of enterprise blockchain technology with unprecedented ease and security,” the product head added.

Meanwhile, Stefan Deiss, Co-Founder & Board Director of The Hashgraph Association, proclaimed that his firm is pleased to collaborate with Valour to launch the world’s first-ever HBAR ETP. “This achievement is in line with our aim to bring institutional investors to Web3 and to enable them to invest in bankable digital assets as an innovative and alternative investment for portfolio diversification,” Stefan added.

Simultaneously, banking on the footsteps of BTC & ETH ETPs, HBAR has made waves with its recent endeavor.

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HBAR Price Rallies

Upon the news surfacing in the market, the HBAR price saw a 6.10% upswing in value to $0.08159. The token’s 24-hour lows and highs are $0.07359 and $0.08186, respectively.

As seen previously, a Bitcoin ETP, such as the spot BTC ETF, brought about a substantial price rally for the flagship crypto soon after its launch. However, Ethereum is yet to witness such a paradigm price shift despite an ETF approval. This has sparked investor speculations on the HBAR’s future despite the abovementioned ETP launch.

Besides, even the RSI hovered near 34, conversely signaling downside pressure on the asset. Nonetheless, should HBAR enter an oversold territory, a bolstered price action looms for the token. An ETP launch could further bring substantial money to the ecosystem, paving path for a potentially optimistic price run ahead.

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The post World’s First Hedera (HBAR) ETP Launched By Hashgraph Association And Valour appeared first on CoinGape.

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Filed under: News - @ June 19, 2024 7:56 am