Close Menu
    Regulation

    CoinShares Introduces Toncoin ETP Featuring Staking Capabilities

    Ethan CarterBy No Comments2 Mins Read
    1761737026

    CoinShares, a prominent crypto asset management firm based in Europe, has unveiled a new investment product that provides exposure to Toncoin, linked with Telegram.

    CoinShares International announced a merger with Vine Hill Capital Investment Corp, a blank-check company, to introduce an exchange-traded product (ETP) centered on Toncoin (TON).

    The product, CoinShares Physical Staked Toncoin, began trading on Switzerland’s primary stock exchange, SIX, under the ticker CTON on Tuesday.

    Toncoin serves as the native cryptocurrency for The Open Network (TON), a blockchain system intricately linked to the Telegram messaging platform. Over the past year, TON has faced a considerable drop, with its market cap decreasing by 59% year-to-date, resting at $5.7 billion as of this report, according to CoinGecko.

    2% staking yield

    “With Telegram boasting over 900 million active users and TON’s remarkable capacity for over 104,000 transactions per second, the blockchain merges technical efficiency with an extensive market reach,” CoinShares stated while unveiling the CTON launch.

    The new ETP will facilitate automatic yield generation from network validation rewards, providing a 2% staking yield, with trading available in US dollars.

    019a2f50 190b 7252 aec3 0184965d2842
    Data on the CoinShares Physical Staked Toncoin as of Wednesday. Source: CoinShares

    CoinShares’ Toncoin ETP in Europe is not the first instance of the crypto asset manager incorporating TON into its investment offerings.

    TON is also included in the CoinShares Altcoins ETF (DIME), a US-traded ETP that launched in early October, providing exposure to a variety of altcoins, such as Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM), among others.

    Related: Bitwise Solana Staking ETF secures $55M trading volume on debut

    This development occurred alongside Wallet in Telegram, a third-party crypto wallet app on Telegram, launching tokenized stocks and exchange-traded funds (ETFs) by xStocks.

    Telegram, Stocks, TON, CoinShares, Staking, Companies
    Source: Wallet in Telegram

    According to a Monday announcement, Wallet in Telegram has commenced offering tokenized shares of 50 stocks and ETFs, with some providing dividends.

    Toncoin reacted moderately to the news, increasing by approximately 5% to $2.30 on Tuesday. At the time of this publication, the token was ranked as the 35th-largest cryptocurrency by market capitalization, per CoinGecko.