21Shares Launches Toncoin Staking ETP, Opening Gateway to Crypto Yield

21Shares has launched the Toncoin Staking ETP (TONN), allowing investors to earn TON staking rewards without meeting technical requirements. Backed by $25 million in assets under management, the ETP simplifies the staking process, offering investors a regulated and secure way to tap into the growth of The Open Network.

21Shares Launches Toncoin Staking ETP: A Gateway to Crypto Yield

What's the Deal with Staking ETPs?

Investment firm 21Shares has added another cryptocurrency exchange-traded product (ETP) to its roster, this time for Toncoin (TON), the token powering The Open Network. By launching the Toncoin Staking ETP (TONN), 21Shares is giving investors a way to reap the rewards of staking crypto without the technical hurdles.

What Makes TONN Different?

Unlike regular ETPs that simply track the underlying asset's price, TONN goes a step further. It's "100% physically backed," meaning it actually holds the underlying TON tokens. Additionally, it automatically captures and reinvests staking yields, boosting the overall performance of the ETP.

Why is Toncoin Worth Staking?

Toncoin is the backbone of The Open Network, a blockchain designed for everyday applications like messaging and gaming. Since its launch, TON has skyrocketed in value, with a market cap of over $17 billion. Staking your TON tokens helps secure the network and earns you staking rewards.

How Does 21Shares Simplify Staking?

Typically, staking TON requires setting up a node and meeting certain minimum token requirements. With TONN, all of that hassle is removed. Investors can simply purchase the ETP and start earning staking yields without any technical complexities.

How Popular is TONN?

At launch, TONN already boasts $25 million in assets under management (AUM), equivalent to about 5 million TON tokens. It debuted on the SIX Exchange on March 27 with a net asset value (NAV) of $20, trading under the ticker TONN.

What Else is in the Crypto ETP Pipeline?

Keep your eyes peeled for more crypto-related ETPs in the future. 21Shares has been consistently expanding its offerings, providing investors with a wide range of options to tap into the digital asset market. Stay tuned for updates on potential merger plans involving tokens like FET, OCEAN, and AGIX.