Valor initiates the first ETP for the near-native token for the protocol

Crypto fund provider Valor has launched an exchange-traded product (ETP) for the protocol's native token, Close, in a July 17 announcement from Valor's parent company, DeFi Technologies (CBOE CA: DEFI ).

Trading on the Swedish Spotlight Market, ETP will allow retail and institutional investors to connect on a decentralized application development platform, the announcement said.

According to Elaine Buhler, head of product at Value, the new offering will allow investors to access an asset known for its “transformational impact on DeFi and NFTs,” citing decentralized finance and intangible tokens.

Near Protocol is a technology stack designed to overcome many of the challenges of blockchain development, such as onboarding users and working across multiple chains. Its native NEAR (NEAR) token currently has a market capitalization of nearly $6.8 billion, placing it among the top 20 digital assets globally, according to data from CoinMarketCap.

Web3 projects, Burrow, a decentralized money market protocol, and Mintbase, an NFT platform, are built on the near-protocol technology stack.

The latest ETP joins Valor's list of alternative digital asset ETPs. Valor operates Valor Solana, one of the largest Solana ETPs, and offers a number of structuring products, including ETPs for Bitcoin (BTC), Ether (ETH), and Internet Computing (ICP).

On July 16, US regulators reportedly granted initial approval to BlackRock, Franklin Templeton and VanEck investment managers to list their first exchange-traded ETH products in the US. Analysts say the recent launch of ETH ETFs has opened the floodgates for more crypto exchange-traded products in the US, including a Solana-based exchange-traded fund (ETF).

Related: Ether ETF opens floodgates for Solana ETFs and crypto products – Analyst

Valor's parent company, DeFi Technologies, manages approximately $600 million in assets across a variety of crypto-native strategies. On July 16, the company agreed to buy trading desk Stillman Digital in an all-stock deal that analysts say will turn the Canadian cryptocurrency platform into a “miniature version of Galaxy Digital.”

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