CoinShares, a major European cryptocurrency investment firm, is adding a new physically-backed exchange-traded product (ETP) based on Algorand (ALGO) to its lineup of exchange-traded products (ETP). CoinShares <a href="https://coinshares.com/news/coinshares-bolsters-staked-etp-lineup-algorand" target="_blank" rel="nofollow noopener">announced</a> that they had listed their physically-backed staked Algorand ETP on Xetra, the online trading system operated by Deutsche Boerse, the German exchange operator.
<h2>Physically - Backed Staked Algorand ETP</h2>
The new cryptocurrency investment product, the CoinShares Physical Staked Algorand, will trade on Xetra under the ticker RAND. The ETP, made possible by CoinShares' in-house technology platform Galata, enables investors to gain from the 2% staking rewards linked to taking part in Algorand's blockchain security.

The new Algorand ETP is the latest addition to CoinShares' family of staked ETP products, which already includes Polkadot (DOT), Tezos (XTZ), Cardano (ADA), <a href="https://www.cryptoknowmics.com/news/sol-technical-analysis-will-solana-take-the-bullish-exit/" target="_blank" rel="noopener">Solana</a> (SOL), Cosmos (ATOM), and Polygon (MATIC), as well as blockchain networks and cryptocurrencies.
<h2>CoinShares Physical Staked Algorand</h2>
The introduction of the CoinShares Physical Staked Algorand coincides with the market's continued bear market and recent severe volatility, with a total market capitalization below the $1 trillion thresholds. Townsend Lansing, head of product at CoinShares, said:
<blockquote><em>"Although the volatility observed throughout digital asset markets in recent weeks, we are pleased by the demand we see for our products, notably our line of bankruptcy-remote, physically-backed staked ETPs."</em></blockquote>
According to Lansing, the launch also coincides with good regulatory news with the completion of the Markets in Crypto Assets (MiCA) legislation in Europe in late June. He continued:
<blockquote><em>"We see [MiCA] as a fantastic first step towards a comprehensive and transparent regulatory regime governing digital assets."</em></blockquote>
Soon after CoinShares announced on July 4 that it had acquired Napoleon Asset Management, the Algorand ETP was released. CoinShares' significant role as an issuer of cryptocurrency ETPs was made possible by the inclusion, which allowed it to provide goods and services compliant with the Alternative Investment Fund Managers Directive.

CoinShares Adding New Physically-Backed ETP Based on Algorand

CoinShares announced that they had listed their physically-backed staked Algorand ETP on Xetra, the online trading system operated by Deutsche Boerse.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

CoinShares Adding New Physically-Backed ETP Based on Algorand

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