According to CoinDesk, 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 21Shares Toncoin Staking ETP (TONN) will offer investors staking rewards without the hassle of setting up and managing their own node. Staking is a way of earning passive income on crypto tokens by offering them to a blockchain network to help it run and receiving a yield in return.
The Open Network is the blockchain of choice for Telegram's Web3 infrastructure. Telegram started work on TON in 2018 but abandoned it in August 2020 following action from the U.S. Securities and Exchange Commission (SEC), which alleged it was selling unregistered securities. However, members of the community continued the project while maintaining an association with Telegram. In September last year, the messaging app officially endorsed the network and designated it as its network of choice for Web3 infrastructure. Zurich-headquartered 21Shares surpassed $5 billion in assets under management (AUM) earlier this month.