tl;dr
The launch of 21Shares Toncoin Staking ETP by a prominent crypto ETP issuer aims to provide a regulated investment avenue in The Open Network, with trading commencing on the Swiss SIX Exchange on March 27. The ETP is a 100% physically backed product that tracks TON performance and reinvests staking ...
The launch of 21Shares Toncoin Staking ETP by a prominent crypto ETP issuer aims to provide a regulated investment avenue in The Open Network, with trading commencing on the Swiss SIX Exchange on March 27. The ETP is a 100% physically backed product that tracks TON performance and reinvests staking yields, and the TON native token has seen significant price increases recently. Despite facing challenges at its inception, the TON blockchain has made significant changes and attracted industry players and partners. However, the company behind TON, Telegram, faced a lawsuit from the SEC and dropped support for TON in 2020.
Prominent crypto exchange-traded product (ETP) issuer has announced the launch of 21Shares Toncoin Staking ETP. This new ETP aims to offer investors a regulated avenue to capitalize on the expansion of The Open Network, a platform facilitating applications such as Telegram, which boasts a user base exceeding 900 million in Q1 of 2024. The new Toncoin Staking ETP will start trading on the Swiss SIX Exchange under the ticker TONN on March 27. This is a 100% physically backed product that tracks the performance of TON while capturing and reinvesting staking yields into the ETP for enhanced performance.
Commenting on the development, Ophelia Snyder, Co-Founder & President of 21Shares, stated, “Our 21Shares Toncoin Staking ETP opens up a new horizon for investors, providing a hassle-free gateway to staking rewards within the blockchain ecosystem. We are dedicated to empowering investors with innovative products like the Toncoin Staking ETP, reaffirming our commitment to driving the evolution of blockchain investment opportunities.” This latest development signifies a milestone for the Ton blockchain ecosystem, which faced challenges at its inception. Created by Nikolai and Pavel Durov in 2017, the TON blockchain underwent significant changes in its leadership and structure for it to operate smoothly and not attract regulatory scrutiny.
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