21Shares, a company that develops exchange-traded products, has introduced a Toncoin staking ETP. This happens as Toncoin reaches its highest value ever, driven by its integration into Telegram.
Named TONN, the ETP is now available on the SIX Swiss Exchange, joining 21Shares’ existing lineup of crypto products. TONN mirrors Toncoin’s performance and automatically reinvests staking rewards into the ETP, according to 21Shares’ announcement on Wednesday.
Introducing TONN: Streamlined Staking Rewards with 21Shares
Investors seeking hassle-free access to staking rewards can now turn to TONN, the newly introduced exchange-traded product (ETP) by 21Shares. This innovative offering eliminates the complexities associated with setting up or managing staking nodes, providing a convenient avenue for earning rewards from Toncoin staking.
While TONN presents a streamlined approach to staking rewards, investors should remain mindful of associated fees charged by 21Shares for its products. Despite this, there is significant demand for the ETP, with an anticipated $40 million in assets under management at its launch, according to Rashwan, a representative from 21Shares. He highlighted the company’s dedication to meeting customer demands by continuously exploring new product opportunities and assessing market trends.
Toncoin, the native token of The Open Network (TON), has emerged as a prominent player in the crypto space. Initially developed for the proof-of-stake blockchain formerly known as Telegram Open Network, Toncoin plays a pivotal role in the network’s ecosystem, offering investors opportunities for staking rewards and participation in its decentralized infrastructure.
Navigating the TON Blockchain’s Turbulent Journey
The TON blockchain encountered a significant obstacle in 2020 when Telegram, the messaging app giant spearheading the project, halted its development. This decision followed a legal dispute with the U.S. Securities and Exchange Commission (SEC), which accused Telegram of violating securities laws by failing to register its token, previously known as “gram,” with the regulator. As a result, Telegram was compelled to reimburse the $1.7 billion raised from investors in 2018 for the blockchain venture.
Despite these setbacks and Telegram’s departure from the project, Toncoin remained resilient, achieving an all-time high of $5.69 this week. Notably, Telegram reaffirmed its commitment to the TON blockchain in the previous year, endorsing it as the preferred platform for web3 infrastructure. This endorsement culminated in Telegram’s official integration of TON earlier this month, enabling revenue sharing with channel owners and facilitating reward payments using Toncoin.
Following Telegram’s exit, the management of the TON blockchain was assumed by the TON Foundation, a nonprofit organization comprising dedicated contributors committed to advancing the project’s objectives.
21Shares: Shaping the Digital Asset Landscape
Meanwhile, 21Shares, a prominent asset manager, has been actively engaged in the cryptocurrency space, offering over 40 exchange-traded products (ETPs) across more than ten exchanges. With approximately $7 billion in assets under management as of March 26, 21Shares continues to play a significant role in shaping the landscape of digital asset investments.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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