CoinShares Rolls Out Staked Algorand ETP On Xetra Exchange

CoinShares rolls out staked Algorand ETP on the Deutsche Boerse Xetra exchange and the new ETP joins the family of staked ETPs featuring cryptos like XTZ, DOT, ADA, ATOM, MATIC, and SOL so let’s read more today in our latest cryptocurrency news.

The major European crypto investment company CoinShares rolls out staked Algorand ETP. The platform announced the listing recently of the physically backed staked Algorand ETP on Xetra as the electronic trading platform run by the German exchange operator Deutsche Boerse. Named the CoinShares Physical Staked Algorand, the new investment product will be trading on Xetra under the RAND ticker and the ETP is enabled via Coinshares’ proprietary technology platform Galata which allows investors to benefit from the 2% staking rewards related to the Algorand blockchain security.

The new Algorand ETP joins a family of Coinshares’ staked ETP offerings that feature blockchain networks like Tezos, Polkadot, Cardano, Solana, Cosmos, and Polygon. Algorand is a decentralized network and infrastrcuture that aims to enable an improved version of PoS blockchain referred to as the pure PoS so, in contrast to many networks, any network member can become a validator with a  minimum required stake of 0.1 ALGO. Created in 2017, Algorand is a decentralzied network that aims to enable an improved version of the PoS blockchain referred to as the pure PoS.

The launch of the Coinshares physical staked Algorand came amid the ongoing bear market and the volatility in the past few months with the total marekt cap standing below the $1 trillion mark. The head of product Towsend Lansing added:

“Despite the volatility seen across digital asset markets in recent weeks, we are encouraged by the demand we’re seeing for our products, especially our range of bankruptcy-remote, physically-backed staked ETPs.”

The launch came against the backdrop of positive regulatory news after the finalization of the markets in crypto assets regulations in June with Lansing noting:

“We see [MiCA] as a fantastic first step towards a comprehensive and transparent regulatory regime governing digital assets.”

The Algorand ETP launched comes after the platform announced the acquisition of Napoleon Asset Management and the acquisition enabled Coinshares to offer other products that are complaint with the alternative investment fund managers.