21Shares Debuts Toncoin Staking ETP

21Shares has expanded its cryptocurrency range with the first exchange-traded product (ETP) offering exposure to toncoin with staking rewards.

The 21Shares Toncoin Staking ETP (TONN) is listed on the SIX Swiss Exchange with a total expense ratio of 2.50%.

Toncoin is the native currency of the TON network and operates on a decentralized layer 1 proof-of-stake blockchain.

The blockchain – now known as ‘The Open Network’ – provides users with decentralized storage, payments and a wallet to hold crypto directly within messaging apps such as WeChat. TON is also endorsed by Telegram.

TONN provides exposure to toncoin as well as rewards from staking, a process where crypto assets are deposited on the blockchain to validate transactions and generate a premium that is returned to investors.

Ophelia Snyder, co-founder and president of 21Shares, commented: "The ETP opens up a new horizon for investors, providing a hassle-free gateway to staking rewards within the blockchain ecosystem.”

TONN’s arrival comes a month after the firm listed the 21Shares Celestia Staking ETP (ATIA) on Euronext Amsterdam and Euronext Paris.

This article was first published in etf.com sister publication etfstream: 21shares debuts toncoin staking ETP