The cryptocurrency investment firm CoinShares’ latest exchange-traded product (ETP) is live on Germany’s primary market Xetra.
A vital element of CoinShares’ long-term strategy, the CoinShares Physical Staked Algorand or CPS-ALGO ETP’s total exchange ratio is 1.50%.
The CPS-ALGO ETP was launched amid a historic bear market facing rampant volatility, and a below-$1 trillion market cap.
“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,” says Townsend Lansing, head of product, CoinShares.
Set to trade under the RAND ticker, the proprietary Galata technology platform of CoinShares shall enable the new ALGO ETP.
Also read: AMF Permits CoinShares’ Napoleon Crypto SAS Acquisition
CoinShares’ formally announced on July 14, 2022 a reduction in the management fees to 0.0% p.a. It also pledged Staking Rewards of 2.0% for CoinShares Physical Staked Algorand.
The CPS-ALGO’s launch period coincides with the Markets in Crypto Assets (MiCA) regulations’ late-June finalization in Europe.
“We see [MiCA] as a fantastic first step towards a comprehensive and transparent regulatory regime governing digital assets,” Lansing notes.
