Toncoin staking ETP TONN makes its first appearance on SIX Exchange through 21Shares.

21Shares, a leading issuer of cryptocurrency exchange-traded products (ETPs), is set to launch a staking ETP based on the cryptocurrency Toncoin (TON). The Toncoin Staking ETP is a physically backed product that tracks the performance of TON and reinvests staking yields for improved performance. Trading of the product will commence on the Swiss SIX Exchange under the ticker TONN on March 27, according to an announcement by the firm. The new crypto investment product aims to offer investors the opportunity to earn TON staking rewards without the complexities of setting up and managing a staking node. The TON Blockchain utilizes a proof-of-stake (PoS) model, allowing validators to earn rewards by staking. While users typically need a minimum of 600,000 TON to qualify for staking, they are permitted to pool their assets together. With the Toncoin Staking ETP, 21Shares aims to provide investors with the benefits of staking Toncoin without the technical difficulties associated with TON staking, offering the convenience and liquidity of traditional financial markets. Ophelia Snyder, co-founder and president of 21Shares, stated that the Toncoin Staking ETP is the first and only TON ETP to be launched. The ETP holds $25 million at launch, which is equivalent to approximately 5 million TON. The Toncoin Staking ETP provides a regulated and secure way for investors to access The Open Network, a blockchain network used by popular crypto-friendly messengers such as Telegram. The Open Network aims to create a comprehensive ecosystem of user-facing services and products. TON, which is natively supported in the custodial cryptocurrency wallet on Telegram, has experienced significant growth recently, with a 134% surge over the past 30 days. At present, the coin is trading at $4.97, representing a 4.5% decrease in the past 24 hours, according to CoinGecko.