CoinShares Lists Algorand ETP on Germany’s Market Xetra

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It seems like the harsh crypto market conditions haven’t stopped the crypto-driven giant from expanding its ETP.

CoinShares, a Jersey-based crypto-oriented investment firm founded in 2015, has recently announced that it would be listing its staked Algorand exchange-traded products (ETP) on Germany’s market Xetra.

According to the official announcement issued on July 14th, the ETP, dubbed CoinShares Physical Staked Algorand (RAND), will be trading on the Deutsche Boerse Xetra with a total exchange ratio (TER) of 1.50%.

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Xetra, launched back in 1997 and accounting for over 90% of stock trading in Germany, is a Frankfurt-based electronic trading platform owned by Deutsche Börse.

The official report read that RAND will leverage Galata, CoinShares’ proprietary tech platform acting as a bridge between traditional finance and decentralized finance (DeFi), and allowing investors to earn an additional yield of 2% via staking reward.

Townsend Lansing, head of product at CoinShares, noted that the current crypto bear market and the massive decline in prices haven’t affected the investment company whatsoever. On the contrary, he added that there is a significant demand for their products, including physically-backed staked ETPs.

Lansing also mentioned that RAND was a “key part” of CoinShares’ long-term product strategy, adding that the Algorand ETP rollout comes at a perfect time – amidst the backdrop of encouraging regulatory developments. He added:

“We see [MiCA] as a fantastic first step towards a comprehensive and transparent regulatory regime governing digital assets.”

In fact, RAND is the seventh ETP to join CoinShare’s offerings list, including other blockchain networks and digital assets such as Tezos (XTZ), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Cosmos (ATOM), and Cardano (ADA).

Last week, CoinShares, managing billions of assets, acquired Paris-based firm Napoleon Asset Management and gained access to the European Union. The firm is now able to promote its ETPs and market services across the region.