21Shares Rolls Out Toncoin Staking ETP Amid TON’s New ATH

Outstanding crypto exchange-traded product (ETP) issuer has introduced the launch of 21Shares Toncoin Staking ETP.

This new ETP goals to supply buyers a regulated avenue to capitalize on the enlargement of The Open Community, a platform facilitating purposes similar to Telegram, which boasts a person base exceeding 900 million in Q1 of 2024.

21Shares’ Toncoin Staking ETP

In keeping with the official press launch, the brand new Toncoin Staking ETP will begin buying and selling on the Swiss SIX Change below the ticker TONN on March 27.

This can be a 100% bodily backed product that tracks the efficiency of TON whereas capturing and reinvesting staking yields into the ETP for enhanced efficiency.

Commenting on the event, Ophelia Snyder, Co-Founder & President of 21Shares, acknowledged,

“Our 21Shares Toncoin Staking ETP opens up a brand new horizon for buyers, offering a hassle-free gateway to staking rewards throughout the blockchain ecosystem. We’re devoted to empowering buyers with modern merchandise just like the Toncoin Staking ETP, reaffirming our dedication to driving the evolution of blockchain funding alternatives.”

This newest improvement signifies a milestone for the Ton blockchain ecosystem, which confronted challenges at its inception. Created by Nikolai and Pavel Durov in 2017, the TON blockchain underwent vital adjustments in its management and construction for it to function easily and never entice regulatory scrutiny.

Nonetheless, the venture’s native token has been on a wild trip not too long ago. It greater than doubled its value throughout the previous month and tapped a brand new all-time excessive of over $5.6 on March 25.

TON’s Journey So Far

Proper earlier than its scheduled launch in October 2019, america Securities and Change Fee (SEC) sued Telegram, the corporate behind the bold venture, alleging a securities legislation violation, resulting in a halt within the launch.

Subsequently, in Might 2020, the messaging platform dropped assist from the TON blockchain. Nonetheless, in an effort to maintain the venture, Telegram made TON’s code open-source and transferred management to the neighborhood.

Since then, it has tapped a number of trade gamers and roped in companions. Telegram additionally rolled out a self-custodial pockets on the TON community. However the pockets ended up igniting controversy after a outstanding blockchain safety firm, CertiK, issued a warning about using Telegram bot tokens.