- 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.
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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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