21Shares launches Toncoin staking ETP, TON reacts with price decline

21Shares has launched an exchange-traded product based on Toncoin, tracking asset price fluctuations and reinvesting profits into staking.

According to today’s press release, 21Shares Toncoin Staking ETP is listed on the SIX Swiss Exchange under the TONN ticker. The company described the fund as an innovative product that provides investors with a convenient way to participate in the staking ecosystem and quickly receive rewards.

“Investors can now enjoy the benefits of staking Toncoin while leveraging the liquidity and convenience of traditional financial markets.”

21Shares press release

According to the official website, $25 million has already been invested in the product. The fund management fee is 2.5% per annum.

Toncoin (TON) reacted slightly to the news. When writing, the asset is trading at $4.96, down nearly 2.4% in the last 24 hours. However, in general dynamics, the coin shows steady growth over seven days and a month, rising prices by 19% and 126%, respectively.

Since February, Toncoin has continued to demonstrate positive momentum through the launch of a series of initiatives. The latest initiative was a 30 million TON distribution for user participation in ecosystem projects. According to the developers, the program is designed to expand the TON user base.

In early March, the Binance exchange launched perpetual futures on Toncoin with leverage up to 50x. The contracts also support a “multi-asset” mode, which allows trade with margin in several cryptocurrencies.