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CoinShares launches a physically-backed staked ALGO ETP

CoinShares
CoinShares

CoinShares, a leading investment firm based in Europe, has launched a new physically backed exchange-traded product (ETP). The Algorand ETP will join other staked ETP products such as Cardano, Solana, Polkadot, Polygon, Tezos, and Cosmos.

CoinShares launches an ALGO ETP

A press release from the company said that this ETP would be launched on Xetra, a trading platform based in Germany. Xetra is operated by Deutsche Borse. The staked ALGO ETP will trade on the platform under the ticker RAND, and it will use Galata, a proprietary technology platform owned by the firm.

Those who invest in the ETP will access an extra yield of 2% of the staking reward linked to the Algorand blockchain security. The launch of the product comes amid intense volatility across the cryptocurrency market.

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The Head of Product at CoinShares, Townsend Lansing, said that the demand for crypto-based products has grown despite the market volatility. A physically-backed ETP with staking rewards played a major part in the company’s long-term strategy.

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Lansing also said that the product was launched when the regulatory environment for European crypto assets was conducive. The launch of this product also came a few days after CoinShares announced the acquisition of Napoleon Asset Management, a crypto asset manager managed by the AIFM.

The move is expected to assist the investment firm in launching products and services compliant with the AIFM. The company will also expand its presence in the European Union through this initiative.

Q1 2022 financial results depict losses

During the first quarter of 2022, CoinShares reported poor performance in its financial results. The firm’s revenues during the period came in at $35 million, representing a 42% decline compared to 2021, where the revenues came in at $50 million.

During this period, the adjusted EBITDA dropped by more than 45% compared to 2021. The Chief Security Officer at CoinShares, Meltem Demirors, said that the crypto winter could persist until the end of the year. Demirors also added that the crypto winter could progress to the first quarter of 2022.

Demirors was speaking in an interview with CNBC, where he also said that the effects of the cryptocurrency bear market were yet to be felt. Moreover, no factors could trigger a bull run in the short term, and the bear market could persist.

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