Safello, the leading crypto exchange in the Nordics, has announced the listing of its physically backed and staked TAO Exchange Traded Product (ETP) on SIX Swiss Exchange. This news comes as a major milestone for the company, as it expands its reach and offerings in the European market.
The Safello-branded product, known as the Safello Bittensor Staked TAO ETP, is issued by DDA ETP AG, a partnership formed earlier this year. It is now officially listed on SIX Swiss Exchange and available for trading in US dollars. The product will be traded under the ticker STAO and will have a management fee of 1.49%.
The Safello Bittensor Staked TAO ETP aims to provide investors with regulated exposure to Bittensor (TAO) in a familiar exchange-traded format. It is 100% physically backed by staked TAO, giving investors direct price exposure while also benefiting from on-chain staking rewards, net of service provider fees. These rewards will be automatically reinvested into the product and reflected in its net asset value (NAV), allowing for a total return structure.
Safello will receive a revenue share based on assets under management (AUM) from this product, as previously communicated. However, the financial impact for Safello is still uncertain at this time.
The listing of Safello’s TAO ETP on SIX Swiss Exchange marks a significant step for the company in its mission to provide investors with regulated exposure to the world of cryptocurrency. With this new offering, the company aims to make it easier for investors to access the benefits of staking and participate in the growing crypto market.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.