21Shares launches collateralized ETP TONN, TON surges 150% in March

According to a report from The Block, ETF issuer 21Shares has launched a staking exchange-traded product (ETP) called TONN on the Swiss SIX exchange, which rewards investors for staking Toncoin but charges a 2.5% annual fee. Positive news surrounding Telegram, a messaging app closely related to TON, has driven a 150% surge in TON in March.

21Shares Launches ETP Backed by TON Staking

21Shares, the issuer of the Bitcoin spot ETF ARKB in collaboration with Ark Invest in the United States, has announced the launch of an exchange-traded product (ETP) backed by Toncoin staking on the SIX Exchange in Switzerland – TONN. TONN tracks the performance of Toncoin and reinvests the staking rewards back into TONN without the need for investors to set up or manage staking nodes. However, 21Shares will charge a 2.5% annual fee.

Hany Rashwan, Co-founder and CEO of 21Shares, stated that they always engage with clients to discuss and research the market to develop new products. At the time of the launch, TONN already had $40 million in assets.

Telegram Drives TON Price Up 150% in March

Pavel Durov, the founder and CEO of the messaging app Telegram, announced at the end of February that they would collaborate with the Toncoin blockchain on ad revenue distribution, using TON to pay ad revenue shares to channel owners. Durov also mentioned that Telegram has nearly 9 billion users, is close to profitability, and is considering an IPO.

Despite facing temporary app suspension by the Spanish High Court last week due to allegations of misuse of content by a local media giant, the closely associated TON token has been on the rise since the end of February, reaching as high as $5.688 from above $2. According to CoinGecko, TON currently has a market capitalization of $16.83 billion, ranking it as the tenth largest cryptocurrency by market cap excluding stablecoins.