21Shares recently launched two physically backed crypto exchange-traded products across Europe, expanding access to ether.fi and Zcash through traditional investment channels. The company introduced the 21Shares ether.fi ETP under ticker ETHFI and the 21Shares Zcash ETP under ticker ZCASH.
Both products track their respective underlying cryptoassets. Investors can buy them through European brokerage platforms and financial institutions without directly holding ETHFI or ZEC.
The structure removes several steps linked to direct crypto ownership. Investors do not need to open crypto exchange accounts, manage private keys, or arrange personal token custody. Instead, established third-party custodians hold the underlying assets.
The ether.fi ETP provides direct exposure to ETHFI, the native governance and utility token of the ether.fi ecosystem. Ether.fi began with liquid restaking and has since expanded into broader crypto financial services.
The ecosystem now combines earning, borrowing, payments, and spending within one platform. According to 21Shares, users have already deposited billions of dollars across ether.fi products.
Ether.fi also operates Liquid, a product that allocates deposited assets across decentralized finance strategies. It rebalances positions and compounds rewards as part of its portfolio structure.
This expansion gives ETHFI a broader role across the ecosystem. Holders use the token for governance and utility functions connected to ether.fi services and protocol development.
Jasmin Muelhaupt, Director of Financial Product Development at 21Shares, said European investors want easier access to projects that build practical technology. She pointed to ether.fi's move beyond basic staking into cards and borrowing.
"Ether.fi is a great example of an ecosystem moving beyond basic staking into real-world use cases like cards and borrowing," Muelhaupt said.
Alongside ETHFI, 21Shares launched its Zcash ETP to give investors direct market exposure to ZEC. Zcash uses a fixed maximum supply of 21 million coins, matching Bitcoin's capped supply model.
Unlike Bitcoin, Zcash adds optional privacy through shielded transactions. Users can choose whether transaction details remain transparent or use cryptographic tools that conceal certain transaction information.
The product also connects with Zcash's longer-term focus on cryptographic security. Development work continues around future network upgrades, including proposals linked to quantum recoverability.
One candidate development, Ironwood Quantum Recoverability, appears in the Zcash Improvement Proposal roadmap for the planned NU6.3 upgrade. This upgrade has not yet been activated.
Their underlying networks serve distinct functions, with ether.fi focusing on decentralized financial services while Zcash centers on optional transaction privacy. The separate use cases allow 21Shares to expand its product range across two different areas of the digital asset market.
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Both products use a physically backed structure. This means 21Shares links each ETP to holdings of its corresponding underlying cryptoasset rather than relying only on derivatives.
Third-party custodians handle the cryptoassets backing the products. As a result, investors can gain price exposure through brokerage accounts while avoiding direct wallet management and private-key security.
The structure also allows investors to trade ETHFI and ZCASH through familiar investment infrastructure. They can access the products much like other exchange-traded securities available through brokerage platforms.
Muelhaupt said the exchange-traded format makes both assets easier to add through traditional investment channels. She described the structure as similar to purchasing a standard stock or fund.
21Shares has offered physically backed crypto ETPs since 2018. The company continues to expand its European lineup with products tied to individual cryptoassets and emerging blockchain sectors.
The latest additions extend this strategy into two distinct categories. Ether.fi represents a crypto-native financial services ecosystem, while Zcash provides exposure to a network built around optional financial privacy and cryptographic security. Both products became available through European brokerage platforms and financial institutions from their launch date.