21Shares, a leading investment firm, has launched an exchange-traded Toncoin staking product. Toncoin rose to an all-time high this week following the Telegram integration. Unfortunately, this news has no impact on the altcoin price for now.
21Shares launches ETP for Toncoin on SIX Swiss Exchange!
cryptokoin.comAs you follow from , the adoption of cryptocurrencies is accelerating. After the US SEC’s spot Bitcoin ETF approval, important moves for crypto are coming from other countries. This time, 21Shares AG, the issuer of exchange-traded products, has launched the Toncoin staking ETP. The move comes amid the token’s significant rise this month following its Telegram integration.
ETP’s name will be TONN. 21Shares launched the product on the SIX Swiss Exchange. By the way, it is worth noting that 21Shares currently has several other crypto products traded on this exchange. 21Shares said in a statement on Wednesday that TONN is monitoring Toncoin’s performance. He also noted that he captures staking returns and deposits them back into ETP.
21Shares will receive fees from its new product for altcoin!
TONN essentially allows investors to earn staking rewards without having to set up or manage a staking node. However, 21Shares does charge fees for its products. So there’s a cost to this. TONN charges 2.5% annually, 21Shares co-founder and CEO Hany Rashwan said in a statement.
CEO Hany Rashwan said there is already some demand for ETP. It also stated that it will have approximately $40 million in assets under management at launch. In this context, Rashwan added, “We always talk to our customers about what new products they are looking for and study the market.”
Telegram integrates Toncoin
Toncoin is the native token of The Open Network, a proof-of-stake blockchain formerly known as Telegram Open Network. Messaging app giant Telegram abandoned TON Blockchain in 2020 following a court battle with the SEC. The SEC filed a lawsuit against Telegram in 2019. He also said the company violated securities laws by failing to register its token, then called “gram,” with the regulator. After losing the court battle, Telegram began refunding the $1.7 billion it collected from investors for its Blockchain project in 2018.
However, Telegram last year confirmed TON as its preferred platform for web3 infrastructure. Earlier this month, Telegram officially integrated TON. Within the scope of this integration, it will share advertising revenues with channel owners. Additionally, TON will pay rewards using Toncoin on the Blockchain. Toncoin reached an all-time high of $5.69 this week upon the Telegram announcement.
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