Nordic crypto exchange Safero is entering the exchange-traded products market with the launch of its first-ever Bittensor (TAO) ETP, developed in partnership with Deutsche Digital Asset (DDA), a crypto asset management company backed by Germany’s Deutsche Bank.
The Safello Bittensall Stake TAO ETP (STAO) will be listed on the Swiss SIX exchange on November 19 with a management fee of 1.49%, according to an announcement on Wednesday.
“This is an important milestone for our new business area,” said Emelie Moritz, CEO of Safello. “Safello TAO ETP is Safello’s first product to improve access to Bittensor, one of the most exciting networks at the intersection of blockchain and AI.” pß
This product issued by DDA ETP AG is backed by Bittensor (TAO) tokens held in a regulated custodian’s cold storage. Investors also receive staking rewards. This is automatically reinvested into the product and reflected in the net asset value (NAV).
Related: Bitwise Solana Staking ETF debuts with $55 million in trading volume
Blockchain for AI builders
Bittensor is a decentralized, open-source machine learning network that enables developers to build and monetize AI models without relying on a central authority.
Its ecosystem operates through specialized subnets, separate marketplaces dedicated to specific AI use cases, where developers, miners, and validators collaborate and receive rewards in TAO tokens.
Chris Miglino, co-founder and CEO of the DNA Fund, told Cointelegraph in May that decentralized AI systems like Bittensor will drive the next major phase of technology growth, creating new financial and computational layers for AI similar to what Bitcoin did for money.
“This launch is fully consistent with DDA’s strategy to establish itself first as an independent crypto ETP issuer, but also as a white label partner,” a DDA spokesperson said. “Through our white label capabilities, our partners will be able to bring innovative crypto investment strategies to market while ensuring compliance with regulatory standards,” they added.
Cointelegraph reached out to Safero for comment, but did not receive a response in time for publication.
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A new wave of crypto ETFs hits the market
The market has seen a surge in crypto exchange-traded fund launches this week, led by Bitwise’s Solana Staking ETF (BSOL), which debuted on Tuesday with $222.8 million in assets. The fund offers investors Solana (SOL) exposure with an estimated 7% staking yield.
With the conversion of Grayscale’s Solana Trust into an ETF, additional ETFs are also expected to begin trading this week, including Canary’s Litecoin (LTC) fund and Hedera (HBAR) fund.
Last week, Hong Kong also approved its first Spot Solana ETF, making it the third spot crypto ETF to be approved by the city after Bitcoin (BTC) and Ether (ETH).
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