CoinShares Launches Algorand ETP On Deutsche Boerse Xetra

By Kevin • July 15, 2022 6:19 pm • Comments

CoinShares, a major European crypto investment firm, just announced that it would be expanding its list of exchange traded products (ETPs) to include a brand new ETP that is based on the digital asset Algorand.

This new ETP would be Xetra which is a electronic trading platform that is run by the German exchange operator named Deutsche Boerse.

This new ETP is named the CoinShares Physical Staked Algorand which will have the ticker symbol RAND and will provide investors to benefit from the 2% staking rewards that users get from participating in the Algorand blockchain.

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This makes Algorand one of the few digital assets that has its own ETP on the major exchange and it will be joining others such as Polkadot (DOT), Tezos (XTZ), Cardano (ADA), Solana (SOL), Cosmos (ATOM) and Polygon (MATIC).

CoinTelegraph reports:

Created in 2017, the Algorand blockchain is a decentralized network and infrastructure aiming to enable an improved version of a proof-of-stake (PoS) blockchain, referred to as the pure PoS (PPoS).

In contrast to many PoS networks, any network member can become a validator with the minimum stake required of 0.1 Algorand (ALGO), or $0.03.

The launch of the CoinShares Physical Staked Algorand comes amid the ongoing bear market and extreme volatility in recent months, with the total market capitalization standing below the $1 trillion mark.

“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,” CoinShares head of product Townsend Lansing said.

The launch of this new ETP is expected to increase the amount of exposure that Algorand has to European financial institutions which will help accelerate further adoption.

The launch also happens to coincide with positive regulatory news in the European region where the Markets in Crypto Assets (MiCA) regulations are expected to finalize soon.

Many investors expect MiCA to be a major step for establishing clear and consistent guidelines for the digital assets industry which is something that is desperately right now in both the United States and Europe.

Once it truly takes effect, only then will we be able to observe on how crypto will be able to grow under the new set of regulations.

CryptoPotato reports:

In Q1 2022, the total comprehensive income of the company slumped by nearly 40% from the same quarter last year.

Additionally, the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also slumped by over 45% in the first quarter of the year compared to 2021.

CoinShares’ Chief Security Officer Meltem Demirors recently asserted that the crypto winter may persist until the physical winter in Q4 and even the early Q1 next year.

While speaking with CNBC, the exec said that the full impact of a crypto bear market has not been realized yet and added that there are no catalysts for a potential reversal in the near term.

The continued launch of additional Algorand ETPs in additional exchanges around the world would further solidify Algorand’s position as one of the major digital assets of crypto.

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