CoinShares Introduces Staked Toncoin ETP with 2% Yield on SIX Swiss Exchange

CoinShares Unveils Staked Toncoin ETP

CoinShares, a prominent European crypto asset management firm, has introduced a new exchange-traded product (ETP) focused on Toncoin, associated with the Telegram platform. The product, named CoinShares Physical Staked Toncoin, commenced trading on the SIX Swiss Exchange under the ticker CTON.

Product Details

The ETP offers exposure to Toncoin, the native cryptocurrency of The Open Network (TON), integrated with Telegram. Despite a 59% market cap decline to $5.7 billion in the past year, Toncoin's network performance remains strong with over 104,000 transactions per second.

Staking Features

CoinShares' new offering includes a 2% staking yield from network validation rewards, with trading available in US dollars. This initiative aligns with their earlier US-traded CoinShares Altcoins ETF (DIME), which also includes Toncoin and other altcoins like Solana, Polkadot, and Cardano.

Market Reaction

In response to this announcement, Toncoin saw a modest price increase of 5%, reaching $2.30. As of now, it ranks as the 35th-largest cryptocurrency by market capitalization.

Industry Context

This launch coincides with Telegram's third-party wallet app introducing tokenized stocks and ETFs. This expansion in the crypto space highlights the increasing intersection of blockchain technology with traditional financial instruments.