Nordic crypto exchange Safello is making its move into the exchange-traded product arena with the introduction of the pioneering Bittensor (TAO) ETP, created in collaboration with Deutsche Digital Assets (DDA), a crypto asset management firm.
The Safello Bittensor Staked TAO ETP (STAO) is set to debut on the SIX Swiss Exchange on November 19, featuring a management fee of 1.49%, as announced on Wednesday.
“This is an important milestone for our new business area,” said Emelie Moritz, CEO of Safello. “The Safello TAO ETP will, as the first product from Safello, increase accessibility to Bittensor – one of the most exciting networks at the intersection of blockchain and AI.”
(This is an important milestone for our new business area. The Safello TAO ETP will, as the first product from Safello, increase accessibility to Bittensor – one of the most exciting networks at the intersection of blockchain and AI.)
The product, issued by DDA ETP AG, is supported by Bittensor (TAO) tokens stored securely with a regulated custodian. Furthermore, investors will have the added benefit of staking rewards, which are automatically reinvested into the product and included in its Net Asset Value (NAV).
TAO Price Decline
The TAO price has gone down over 4% in the past day. Source: CoinMarketCap
Blockchain for AI Creators
Bittensor is a decentralized, open-source machine-learning framework that empowers developers to create and monetize AI applications without the need for centralized authorities. Its ecosystem is structured into specialized subnets, which function as individual marketplaces tailored for specific AI applications, enabling collaboration and rewards in TAO tokens.
In May, Chris Miglino, co-founder and CEO of DNA Fund, remarked that decentralized AI platforms like Bittensor will drive the next major phase of technological growth, establishing a new financial and computational layer for AI akin to what Bitcoin has done for money.
“The launch aligns perfectly with DDA’s strategy to establish itself firstly, as an independent crypto ETP issuer but also being a white label partner,” a DDA spokesperson commented.
(The launch aligns perfectly with DDA’s strategy to establish itself as an independent crypto ETP issuer and also as a white label partner.)
Cointelegraph reached out to Safello for additional insights but did not receive a response before the publication.
A New Era of Crypto ETFs Hits the Markets
The market is currently experiencing a boom in crypto exchange-traded fund (ETF) launches, topped by Bitwise’s Solana Staking ETF (BSOL), which launched Tuesday with $222.8 million in assets under management, providing investors with Solana (SOL) exposure and an estimated 7% staking yield.
Other products, including Canary’s Litecoin (LTC) and Hedera (HBAR) funds, are also scheduled to commence trading this week, with Grayscale’s Solana Trust expected to convert into an ETF soon.
Last week, Hong Kong also approved its first spot Solana ETF, marking the city’s third approved spot crypto ETF after Bitcoin and Ether.
