CoinShares launches Algorand ETP staked on Deutsche Boerse Xetra

New Algorand ETP joins a family of CoinShares staked ETPs including DOT, XTZ, ADA, SOL, ATOM, and MATIC cryptocurrencies .

Leading European cryptocurrency investment firm CoinShares is expanding its exchange-traded products (ETPs) with a new physical-backed ETP based on Algorand.

CoinShares announced Thursday the listing of its physically-backed ETP Algorand on Xetra, the electronic trading platform operated by German exchange operator Deutsche Boerse.

Dubbed CoinShares Physical Staked Algorand, the new crypto investment product will trade on Xetra under the ticker RAND. The ETP is enabled through CoinShares' proprietary technology platform Galata, allowing investors to benefit from the 2% rewards associated with participating in Algorand's blockchain security.

The new Algorand ETP joins a family of CoinShares staked ETP offerings including blockchain networks and cryptocurrencies like Polkadot (DOT), Tezos (XTZ), Cardano (ADA), Solana (SOL), Cosmos ( ATOM) and Polygon (MATIC).

Created in 2017, the Algorand blockchain is a decentralized network and infrastructure aimed at enabling an enhanced version of a proof-of-stake (PoS) blockchain, called pure PoS (PPoS). Unlike many PoS networks, any member of the network can become a validator with the required minimum stake of 0.1 Algorand (ALGO), or $0.03.

The launch of CoinShares Physical Staked Algorand comes amid the ongoing bear market and extreme volatility in recent...