CoinShares, a major European cryptocurrency investment firm, is adding a new physically-backed exchange-traded product (ETP) based on Algorand (ALGO) to its lineup of exchange-traded products (ETP). CoinShares announced that they had listed their physically-backed staked Algorand ETP on Xetra, the online trading system operated by Deutsche Boerse, the German exchange operator. Physically – Backed Staked Algorand ETP The new cryptocurrency investment product, the CoinShares Physical Staked Algorand, will trade on Xetra under the ticker RAND. The ETP, made possible by CoinShares’ in-house technology platform Galata, enables investors to gain from the 2% staking rewards linked to taking part in Algorand’s blockchain security. The new Algorand ETP is the latest addition to CoinShares’ family of staked ETP products, which already includes Polkadot (DOT), Tezos (XTZ), Cardano (ADA), Solana (SOL), Cosmos (ATOM), and Polygon (MATIC), as well as blockchain networks and cryptocurrencies. CoinShares Physical Staked Algorand The introduction of the CoinShares Physical Staked Algorand coincides with the market’s continued bear market and recent severe volatility, with a total market capitalization below the $1 trillion thresholds. Townsend Lansing, head of product at CoinShares, said: “Although the volatility observed throughout digital asset markets in recent weeks, we are pleased by the demand we see for our products, notably our line of...
