The world’s first Hedera ETP launches through a collaboration between The Hashgraph Association and DeFi Technologies subsidiary, Valour Inc.
Valour Inc., a subsidiary of DeFi Technologies, has recently partnered with The Hashgraph Association to introduce the world’s first Valour Hedera (HBAR) ETP (Exchange Traded Product).
This groundbreaking development has caused a stir in the cryptocurrency industry. On June 18, the Frankfurt Stock Exchange’s closing bell ceremony highlighted the introduction of an HBAR ETP.
The announcement of crypto HBAR-backed ETP, which follows the recent footsteps of a BTC & ETH ETP (primarily spot ETFs), quickly garnered global traction. In the interim, Hedera (HBAR) experienced a nearly 6% increase in price as the announcement garnered significant attention.
Hedera (HBAR) ETP’s Scope
The Valour Hedera (HBAR) ETP, introduced at the closing bell ceremony of Börse Frankfurt, a German crypto exchange, is well-positioned to provide investors with direct access to the HBAR cryptocurrency. Valour Inc., a prominent participant in the digital asset ETP realm, has further solidified its global presence with this offering.
Elaine Buehler, Product Head at Valour, underscored that the launch of the world’s first Hedera (HBAR) ETP not only presents an investment opportunity but also functions as a “gateway” for investors to access and leverage the functionalities of the Hedera network seamlessly.
The product head stated, “This product simplifies the process, enabling investors to participate in the future of enterprise blockchain technology with unprecedented ease and security,”
Stefan Deiss, Co-Founder & Board Director of The Hashgraph Association, expressed his satisfaction with the partnership between his organization and Valour to introduce the world’s first-ever HBAR ETP.
Stefan stated, “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,”
At the same time, HBAR has made an impact with its recent endeavor, following in the footsteps of BTC & ETH ETPs.
HBAR Price Rallies
The HBAR price experienced a 6.10% increase in value to $0.08159 upon the news being disclosed in the market. The token’s 24-hour lows and highs are $0.07359 and $0.08186, respectively.
As previously observed, introducing a Bitcoin ETP, such as the spot BTC ETF, resulted in a significant price increase for the flagship cryptocurrency. Nevertheless, Ethereum has not yet experienced a paradigm-shifting price change despite the sanction of an ETF. Despite the ETP launch, this has prompted investor speculation regarding the HBAR’s future.
Conversely, the RSI remained at approximately 34, suggesting the asset was under downward pressure. However, if HBAR enters an oversold region, the token is expected to experience a heightened price action. A potential optimistic price run could be facilitated by an ETP launch, which could introduce additional substantial funds to the ecosystem.