21Shares has launched an exchange-traded product (ETP) based on Toncoin (TON). It monitors asset price fluctuations and reinvests profits into coin staking.
21Shares Toncoin Staking ETP is traded on the Swiss SIX exchange under the ticker TONN. The company described the fund as follows:
“This innovative product provides investors with a convenient way to participate in the staking ecosystem and easily earn rewards.”
According to the official website, $25 million has already been invested in the product. The fund management fee is 2.5% per annum.
The projected volume of assets under management at the launch stage is $40 million. Company CEO Hani Rashwan stated this in a commentary to The Block. He predicts high demand for the product.
It is noteworthy that Toncoin reacted slightly to the news. At the time of writing, the asset is trading around $5:
