- 21Shares has launched another ETP for staking crypto.
- The ETP had millions in AUM at launch.
- The ETP is 100% physically backed.
The world’s largest crypto ETPs issuer, 21Shares, has announced the launch of an exchange-traded product for staking Toncoin (TON).
TON is the native token of The Open Network, a blockchain established in 2018 with a community-driven architecture to support daily use cases like messaging and gaming. The token is up 1085.95% since its launch, with a market cap of $17,056,153,033.
21Shares Lists Toncoin ETP for Trading
According to an X (Twitter) announcement on Wednesday, 21shares has launched the Toncoin Staking ETP (TONN), allowing investors to earn TON staking rewards without the hassle of meeting the technical requirements required to stake Toncoin.
Typically, the TON Foundation requires users to have a minimum of 600,000 TON to qualify as a validator and to set up and manage a staking node to support the network’s security.
However, with 21Shares’ new ETP, investors can skip these technical complexities and access staking yields without locking their assets or setting up a staking node.
“100% physically backed, the 21Shares Toncoin Staking ETP (TONN) tracks the performance of TON while capturing and reinvesting staking yields into the ETP for enhanced performance. This ETP provides a regulated and secure way for investors to tap into the growth of The Open Network,” 21Shares wrote.
Per the information on 21Shares’ official website, the Toncoin Staking ETP holds $25 million in assets under management (AUM) at launch, equivalent to about 5 million TON as of press time. The ETP debuted on the SIX Exchange on March 27 with a net asset value (NAV) of $20 under the ticker TONN.
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