21Shares AG, a provider of exchange-traded products, has introduced the Toncoin staking ETP amidst the significant surge in the token’s value this month following its integration by Telegram.
Named TONN, the ETP has been launched on the SIX Swiss Exchange, where 21Shares already offers a variety of other crypto products. TONN is designed to mirror the performance of Toncoin and reinvest staking rewards back into the ETP, as stated by 21Shares on Wednesday.
TONN offers investors the opportunity to earn staking rewards without the need to set up or manage a staking node. However, this convenience comes at a cost, as 21Shares imposes fees for its products. According to Hany Rashwan, co-founder and CEO of 21Shares, TONN carries a 2.5% per annum fee.
There appears to be significant demand for the ETP, with approximately $40 million in assets under management expected at launch, Rashwan noted. He further mentioned:
“We’re constantly engaging with our customers to understand their preferences for new products and closely monitoring market trends.”
