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.
21Shares’ Toncoin Staking ETP
According to the official press release, 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.
Nevertheless, the project’s native token has been on a wild ride recently. It more than doubled its price within the past month and tapped a new all-time high of over $5.6 on March 25.
TON’s Journey So Far
Right before its scheduled launch in October 2019, the United States Securities and Exchange Commission (SEC) sued Telegram, the company behind the ambitious project, alleging a securities law violation, leading to a halt in the launch.
Subsequently, in May 2020, the messaging platform dropped support from the TON blockchain. However, in an effort to sustain the project, Telegram made TON’s code open-source and transferred control to the community.
Since then, it has tapped several industry players and roped in partners. Telegram also rolled out a self-custodial wallet on the TON network. But the wallet ended up igniting controversy after a prominent blockchain security company, CertiK, issued a warning about the use of Telegram bot tokens.
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