21Shares AG Launches TONN Staking ETP Amid Toncoin Surge
21Shares AG, the issuer of exchange-traded products, has recently introduced the TONN staking ETP following the significant surge of Toncoin in the market after its integration by Telegram. Here are the key highlights of this development:
The Launch of TONN on SIX Swiss Exchange
- The ETP, named TONN, has been launched on the SIX Swiss Exchange, where 21Shares already has various crypto products available.
- TONN tracks the performance of Toncoin and reinvests staking yields back into the ETP to benefit investors.
- Investors can earn staking rewards through TONN without the complexity of setting up or managing a staking node.
- However, 21Shares imposes a 2.5% p.a. fee for TONN as part of its product offerings.
Telegram’s Integration of Toncoin
Toncoin functions as the native token of The Open Network, previously known as Telegram Open Network, which has seen growth in recent times due to the following reasons:
- Telegram abandoned the TON blockchain in 2020 after a legal battle with the U.S. Securities and Exchange Commission.
- In 2019, the SEC filed a lawsuit against Telegram for violating securities laws by not registering their token, “gram,” leading to the return of $1.7 billion raised for the project.
- Despite these challenges, Telegram endorsed TON as its preferred platform for web3 infrastructure last year.
- Recently, Telegram integrated TON for ad revenue sharing and rewards distribution on the TON blockchain, driving Toncoin to an all-time high of $5.69.
21Shares’ Expansion and Offerings
21Shares continues to expand its offerings and presence in the market with the following highlights:
- The asset manager currently provides over 40 ETPs on more than ten exchanges, catering to a diverse range of investors.
- As of March 26, 21Shares has approximately $7 billion in assets under management, showcasing its substantial growth and market traction.
Hot Take: Opportunities in the Growing Toncoin Ecosystem
As the Toncoin ecosystem continues to evolve and gain momentum, there are several opportunities for investors to explore and benefit from this thriving sector. Stay informed and capitalize on the following trends:
- Monitor the developments in Toncoin’s integration and adoption by key players to gauge market sentiment and potential growth.
- Consider the staking rewards offered through products like TONN to enhance your investment portfolio and generate passive income.
- Stay updated on regulatory changes and compliance requirements in the crypto space to make informed decisions and mitigate risks.
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