CoinShares, a prominent European crypto asset management firm, has entered the Toncoin market with the launch of an exchange-traded product (ETP). The new offering provides exposure to this Telegram-linked cryptocurrency. 50% stake in the Toncoin ETP was launched on Tuesday and is listed under the ticker symbol CTON on Switzerland’s SIX stock exchange. 2% staking yield will be generated automatically from network validation rewards.
A significant market decline for TON has also been observed, with its market capitalization dropping by 59% year-to-date to around $6 billion, as per CoinGecko data. This launch comes at a time when Telegram’s user base of over 900 million is being leveraged by Toncoin, known for high transaction speeds of over 104,000 per second.
The new ETP from CoinShares offers exposure to Toncoin and promises an annualized return of 2% through the automatic generation of yield from network validation rewards. It’s available in US dollars and operates under a similar model as other popular crypto investment products.