21Shares announces the launch of its exchange-traded product (ETP) dedicated to toncoin (TON) staking, the token of The Open Network, an independent blockchain network but connected to the messaging application Telegram.
New Investment Avenue on the Swiss SIX Exchange
The 21Shares Toncoin Staking ETP (TONN), listed as of this Wednesday on the Swiss SIX Exchange, promises investors staking rewards without the need to set up and manage their own node. This initiative by 21Shares aims to simplify access to passive income generated by staking for investors, offering a more accessible alternative to the often complex technical setup required.
TON: A Checkered Blockchain History
Internally initiated by Telegram in 2018, the development of the TON blockchain was abandoned in August 2020 following a lawsuit by the US Securities and Exchange Commission, which accused the project of selling unregistered securities. Despite this obstacle, the community around the project continued to develop the blockchain, maintaining a connection with Telegram. Last September, the messaging app officially endorsed the network, designating it as its preferred blockchain for Web3 infrastructure.
21Shares, known for listing similar products in Europe under the designation “ETP”, and more recently for its ETF Bitcoin Spot in the United States, continues to innovate in the digital asset space. With asset management exceeding $5 billion earlier this month, the Zurich-based company strengthens its position as a major player in the cryptocurrency field.
