Deutsche Digital Assets, a regulated provider of exchange-traded products (ETPs) in Germany, is set to launch an ETP that offers investors exposure to , a cryptocurrency associated with decentralized artificial intelligence, in collaboration with the Nasdaq Nordic-listed broker Safello (SFL), as announced on Wednesday.
The Safello Bittensor Staked TAO ETP will be available for trading on the SIX Swiss Exchange under the ticker STAO in the coming weeks.
This product is physically backed by TAO tokens stored in cold storage with a regulated custodian, as per the press release. Investors can expect returns based on both TAO’s price fluctuations and staking rewards, which will be automatically reinvested into the fund, with a maximum fee of 1.49%.
There is increasing interest in Bittensor, a decentralized network for AI that compensates users for providing data and computational power for tasks such as text translation, fraud detection, image recognition, and even complex goals like predicting protein structures.
An asset management strategy aimed at the Bittensor ecosystem has already been initiated by Barry Silbert, founder of Digital Currency Group, whose Yuma Asset Management gives affluent investors access to “subnet” tokens, the crypto assets inherent to Bittensor’s decentralized contributor networks.
“Bittensor exemplifies the fusion of decentralized technology and AI, redefining the future of value generation. Together with DDA, we’re enabling investors to effortlessly engage with this innovation through a regulated and transparent investment vehicle,” stated Safello CEO Emelie Moritz.
The Safello Bittensor Staked TAO ETP is a total return exchange-traded product that mirrors the Kaiko Safello Staked Bittensor Index (KSSTAO).
In July, U.K. exchange Archax announced its intention to acquire Deutsche Digital Assets for an undisclosed sum.
