Nordic crypto exchange Safello is venturing into the exchange-traded product arena with the introduction of the inaugural Bittensor (TAO) ETP, created in collaboration with Deutsche Digital Assets (DDA), a crypto asset management firm supported by Germany’s Deutsche Bank.
The Safello Bittensor Staked TAO ETP (STAO) is set to be listed on the SIX Swiss Exchange on Nov. 19, featuring a 1.49% management fee, as stated in a Wednesday announcement.
“This represents a significant milestone for our new business sector,” remarked Emelie Moritz, CEO of Safello. “The Safello TAO ETP will be the first product from Safello, enhancing access to Bittensor – one of the most captivating networks that blends blockchain and AI.”
Issued by DDA ETP AG, this product is underpinned by Bittensor (TAO) tokens stored securely with a regulated custodian. Investors will also benefit from staking rewards, which are automatically reinvested into the product and reflected in its Net Asset Value (NAV).
Related: Bitwise Solana Staking ETF achieves $55M trading volume at launch
Blockchain for AI developers
Bittensor is a decentralized, open-source machine-learning network enabling developers to construct and monetize AI models independently of centralized systems.
The ecosystem functions through specialized subnets, which are dedicated marketplaces for particular AI applications, where developers, miners, and validators collaborate and earn rewards in TAO tokens.
In May, Chris Miglino, co-founder and CEO of DNA Fund, told Cointelegraph that decentralized AI platforms like Bittensor will usher in the next significant wave of technological advancement, creating a new financial and computational layer for AI, akin to what Bitcoin did for money.
“The launch aligns seamlessly with DDA’s strategy to position itself both as an independent crypto ETP issuer and a white label partner,” a DDA spokesperson stated. “Through our white label solutions, we empower our partners to bring their innovative crypto investment strategies to fruition while ensuring adherence to regulatory standards,” they added.
Cointelegraph contacted Safello for further comment, but had not received a response by the time of publication.
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New wave of crypto ETFs floods the market
The market is experiencing a surge in crypto exchange-traded fund (ETF) launches this week, spearheaded by Bitwise’s Solana Staking ETF (BSOL), which launched on Tuesday with assets totaling $222.8 million. This fund provides investors with exposure to Solana (SOL) with an estimated staking yield of 7%.
Additional ETFs, including those from Canary focusing on Litecoin (LTC) and Hedera (HBAR), are also expected to begin trading this week, alongside the anticipated conversion of Grayscale’s Solana Trust into an ETF.
Last week, Hong Kong also approved its inaugural spot Solana ETF, marking the third spot crypto ETF approved by the city following Bitcoin (BTC) and Ether (ETH).
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