21Shares Lists ETP for Staking Telegram-Endorsed Token TON
Summary
Crypto asset manager 21Shares has listed an exchange-traded product (ETP) for staking toncoin (TON), the token of The Open Network, on the Swiss SIX Exchange. The ETP, named 21Shares Toncoin Staking ETP (TONN), allows investors to earn staking rewards without needing to set up and manage their own node. The Open Network was initially developed by messaging app Telegram, but was abandoned in 2020 due to allegations from the U.S. Securities and Exchange Commission. However, the project was continued by community members and received Telegram's official endorsement in September 2021. 21Shares, which surpassed $5 billion in assets under management earlier this month, has previously listed similar products in Europe under the "ETP" designation.
