Safello, a leading cryptocurrency exchange in the Nordic region, has announced that its TAO Exchange Traded Product (ETP) has been listed on SIX Swiss Exchange. This move makes the ETP available for trading on various European platforms and online brokers.
Under the partnership agreement signed earlier this year, the Safello-branded product, called Safello Bittensor Staked TAO ETP, is issued by DDA ETP AG. The product is now listed on SIX Swiss Exchange and can be traded in US dollars. Trading began at market open under the ticker STAO, with a management fee of 1.49%.
The Safello Bittensor Staked TAO ETP is a physically backed and staked product that offers investors regulated exposure to Bittensor (TAO) in a familiar exchange-traded format. It is 100% backed by staked TAO, providing investors with direct price exposure to the cryptocurrency. Additionally, investors can benefit from on-chain staking rewards, net of service provider fees, which are automatically reinvested into the product and reflected in its net asset value (NAV). This structure allows for a total return for investors.
According to Safello’s previous announcements, the company will receive a revenue share based on assets under management (AUM). However, the financial impact for Safello is yet to be determined.
The listing of Safello’s TAO ETP on SIX Swiss Exchange marks a significant milestone for the company, as it continues to expand its presence and offerings in the cryptocurrency market.