21Shares Launches Toncoin Staking ETP on Swiss Stock Exchange SIX

The 21Shares Toncoin Staking ETP (TONN) has been listed on the Swiss stock exchange SIX since yesterday.

21Shares Launches Toncoin Staking ETP on Swiss Stock Exchange SIX

21Shares, a leading issuer of cryptocurrency exchange-traded products (ETPs) globally, has recently introduced a staking ETP based on Toncoin (TON) from The Open Network.

According to the announcement, the 21Shares Toncoin Staking ETP was listed on the SIX exchange in Switzerland on March 27, under the ticker TONN.

The new ETP tracks the performance of TON, reinvesting staking rewards into the ETP to generate additional profits. Essentially, this product aims to provide investors with the opportunity to earn staking rewards from TON without needing to set up or manage any staking nodes.

The Open Network utilizes a Proof-of-Stake mechanism for achieving consensus. Typically, users need a minimum of 600,000 TON (approximately $2.9 million USD) to qualify for staking on the network. However, this barrier has been addressed as users can pool staking assets through third parties or invest in the newly launched 21Shares ETP.

Originally, TON was conceived by Telegram in 2018 but had to be abandoned due to scrutiny from the U.S. Securities and Exchange Commission (SEC).

Subsequently, the project was taken over and revived by the community while maintaining close ties with Telegram. Evidence of this includes TON's crypto wallet integration into the messaging app, revenue sharing via Toncoin advertisements, and the recent fluctuation of its token price in response to Telegram's IPO announcement.

Alongside the ongoing cryptocurrency market recovery, TON has also witnessed significant developments recently. Compared to 30 days ago, the coin has surged by over 135%. At the time of writing, TON is trading at $4.87 per token, marking a slight 1% decrease over the past 24 hours.

TON price movement from September 2022 to date, screenshot from CoinMarketCap at 01:30 PM on March 28, 2024

Prior to the approval of a Bitcoin spot ETF by the SEC in the U.S., 21Shares had previously listed similar products in Europe under the name "ETP," catering to Cosmos (ATOM) and Solana (SOL). As of the beginning of this month, 21Shares' assets under management (AUM) have surpassed the $5 billion mark.