21Shares, a company specializing in exchange-traded products, has launched a Toncoin staking ETP as the value of Toncoin reaches a record high due to its incorporation into Telegram.

Named TONN, the ETP is now accessible on the SIX Swiss Exchange and is part of the lineup of crypto products offered by 21Shares. TONN tracks the performance of Toncoin and automatically reinvests staking rewards into the ETP, as per 21Shares' announcement.

Introducing TONN: Simplified Staking Rewards with 21Shares

Investors interested in easy access to staking rewards can now utilize TONN, a new exchange-traded product (ETP) introduced by 21Shares. This product streamlines the process of earning rewards from Toncoin staking without the complications associated with setting up or managing staking nodes.

While TONN offers a straightforward solution for staking rewards, investors should consider the fees charged by 21Shares for its products. Despite this, there is a high demand for the ETP, with an expected $40 million in assets under management at launch, according to a representative from 21Shares.

Toncoin, the native token of The Open Network (TON), has become a significant player in the cryptocurrency industry, providing staking rewards and participation in the network's decentralized structure.

Navigating the TON Blockchain's Journey

The TON blockchain faced challenges in 2020 when Telegram discontinued its development after a legal dispute with the U.S. Securities and Exchange Commission (SEC). Despite setbacks, Toncoin reached an all-time high of $5.69 this week, supported by Telegram's endorsement of TON as a web3 infrastructure platform.

Following Telegram's departure, the TON Foundation took over the management of the TON blockchain to ensure continued development and progress.

21Shares: Influencing the Digital Asset Sector

21Shares, a leading asset manager, has a strong presence in the cryptocurrency industry, offering numerous exchange-traded products (ETPs) across various exchanges. With assets under management of around $7 billion, 21Shares plays a significant role in digital asset investments.