Exciting Times for Crypto: Safello and Deutsche Bank Launch First TAO ETP on SIX Swiss Exchange

Crypto ETP season? Safello, Deutsche Bank to launch first TAO ETP on SIX Swiss Exchange

Nordic crypto exchange Safello is set to make its mark in the exchange-traded product arena with the introduction of the first-ever Bittensor (TAO) ETP, developed in collaboration with Deutsche Digital Assets (DDA), a cryptocurrency asset management firm backed by Germany’s Deutsche Bank.

Scheduled for listing on the SIX Swiss Exchange on November 19, the Safello Bittensor Staked TAO ETP (STAO) will feature a management fee of 1.49%, as announced on Wednesday.

“This is a significant milestone for our new business area,” stated Emelie Moritz, CEO of Safello. “The Safello TAO ETP will serve, as our first product, to enhance access to Bittensor – a truly innovative network at the crossroads of blockchain and AI.”

An Investment Backed by Real Assets

Issued by DDA ETP AG, this product will be backed by Bittensor tokens kept in cold storage with a regulated custodian. Investors can also expect staking rewards, which will be automatically reinvested into the product and reflected in its Net Asset Value (NAV).

The TAO price has gone down over 4% in the past day. Source: CoinMarketCap

Related: Bitwise Solana Staking ETF achieves $55M trading volume on debut

Blockchain and AI: A New Paradigm

Bittensor is a decentralized, open-source machine-learning network that empowers developers to create and monetize AI models without reliance on centralized entities.

It features a unique ecosystem with dedicated subnets and individual marketplaces focused on specific AI applications, where developers, miners, and validators can collaborate and earn rewards in TAO tokens. In May, Chris Miglino, co-founder and CEO of DNA Fund, told Cointelegraph that decentralized AI networks like Bittensor represent the future of significant technological expansion, paving the way for a new financial and computational layer for AI akin to Bitcoin's impact on traditional currency.

“The launch aligns perfectly with DDA’s vision to position itself as a leading independent crypto ETP issuer and white label partner,” a DDA spokesperson remarked. “Through our white label options, we support our partners in launching innovative crypto investment strategies while maintaining compliance with regulatory requirements,” they added.

Cointelegraph reached out to Safello for additional comments but had not received a response prior to publication.

Related: ‘No BlackRock, no party’ for Bitcoin, altcoin ETF investments: K33 Research

The Rise of Crypto ETFs

This week marks a notable increase in new crypto exchange-traded funds (ETFs) being launched, highlighted by the Bitwise Solana Staking ETF (BSOL) debuting on Tuesday with $222.8 million in assets. This fund provides investors exposure to Solana with an estimated staking yield of 7%.

Several other ETFs, including Canary’s Litecoin and Hedera funds, are also expected to start trading this week, along with anticipated adjustments to convert Grayscale’s Solana Trust into an ETF.

In another significant development, Hong Kong recently approved its first spot Solana ETF, making it the third spot crypto ETF authorized in the city, following approvals for Bitcoin and Ether ETFs.

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Key Takeaways

Safello and Deutsche Digital Assets (DDA) are launching the first Bittensor (TAO) ETP on the SIX Swiss Exchange, set for November 19.
The Safello Bittensor Staked TAO ETP will have a management fee of 1.49%.
Bittensor provides a decentralized network for AI development, rewarding contributors with TAO tokens.
The crypto market is witnessing a surge in ETF launches, including Bitwise Solana Staking ETF, which debuted with substantial assets.
Hong Kong has approved three spot crypto ETFs, including for Bitcoin, Ether, and now Solana.