Switzerland-based company 21Shares has just announced it has made the decision to close six cryptocurrency exchange products (ETPs) due to low customer demand.
According to a company spokesperson, the following products will be closed on April 6: Crypto Layer 1 ETP, DeFi 10 Infrastructure ETP, S&P Risk Controlled Bitcoin Index ETP, S&P Risk Controlled Ethereum Index ETP and USD Yield ETP.
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The Terra Classic ETP tool will reportedly be available until June 12.
The sum of assets under management for all six products is less than $700,000.
The company’s spokesperson has said:
“It is a routine/standard practice in the ETP industry. While these ETPs saw relatively low demand, we’re seeing continuous strong demand in our other products.”
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21.co, the parent company of 21Shares, raised $25 million in September last year in a funding round led by hedge fund Marshall Wace that resulted in the company’s valuation reaching $2 billion.