March 27, 2024
Latest Cryptocurrency News

21Shares Launches Toncoin Staking ETP on Swiss SIX Exchange

21Shares, a renowned cryptocurrency exchange-traded product (ETP) provider, is preparing to launch a new staking ETP based on the cryptocurrency Toncoin. The Toncoin Staking ETP is created as a 100% physically backed product, following TON’s performance while reinvesting staking dividends for greater profits.

Trading on Swiss SIX Exchange

The Toncoin Staking ETP, which trades under the ticker TONN, made its debut on the Swiss SIX Exchange on March 27. This unique offering seeks to provide investors with an option to receive TON staking rewards without the hassle of setting up and administering a staking node.

Benefits and Features

Utilizing a proof-of-stake (PoS) model, the TON Blockchain enables network participants to earn rewards by staking. Typically, users require a substantial amount of TON to qualify for staking, but pooling assets is permitted. With 21Shares, investors can access the benefits of staking Toncoin without dealing with technical intricacies, enjoying the convenience and liquidity of traditional financial markets.

According to Ophelia Snyder, co-founder and president of 21Shares, TONN marks the debut of the “first and only TON ETP” ever launched. Snyder emphasized the superiority of staking ETPs over non-staking ones, highlighting the income stream provided by staking yields.

21Shares Toncoin Staking ETP. Source: 21Shares

Regulated Access to The Open Network

TONN ETP offers regulated and secure access to The Open Network, a blockchain platform associated with popular messaging apps like Telegram. Despite Telegram’s withdrawal from the TON project in 2020 due to regulatory challenges, the platform remains involved in promoting TON technology and Toncoin.

Recent Growth and Outlook

TON has seen substantial growth in recent times, reflecting the broader bullish sentiment in cryptocurrency markets. Despite short-term fluctuations, Toncoin’s upward trajectory underscores its potential in the evolving digital asset landscape.

Image from Jobba

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