The Nordic cryptocurrency exchange Safello is entering the exchange-traded products market, launching the first Bittensor (TAO) ETP in collaboration with Deutsche Digital Assets (DDA), a crypto asset management company supported by Deutsche Bank.
According to a Wednesday announcement, the Safello Bittensor Staked TAO ETP (STAO) is set to be listed on the Swiss SIX exchange on November 19, with a management fee of 1.49%.
"This is an important milestone for our new business area," said Safello CEO Emelie Moritz. "As Safello's first product, the Safello TAO ETP will enhance the accessibility of Bittensor—one of the most exciting networks at the intersection of blockchain and AI."
The product is issued by DDA ETP AG and is backed by Bittensor (TAO) tokens held in cold storage by a regulated custodian. Investors will also receive staking rewards, which will be automatically reinvested into the product and reflected in its net asset value (NAV).
Bittensor is a decentralized open-source machine learning network that allows developers to build AI models and profit from them without relying on centralized institutions.
Its ecosystem operates through dedicated subnetworks, which are independent markets specifically tailored for certain AI use cases, where developers, miners, and validators collaborate and earn TAO token rewards.
In May of this year, Chris Miglino, co-founder and CEO of DNA Fund, told Cointelegraph that decentralized AI systems like Bittensor will drive the next major phase of technological growth, creating a new financial and computational layer for AI, similar to the role of Bitcoin for currency.
"This launch aligns perfectly with DDA's strategy to first establish itself as an independent cryptocurrency ETP issuer while also becoming a white-label partner," a DDA spokesperson stated. "Through our white-label capabilities, we enable partners to bring their innovative cryptocurrency investment strategies to market while ensuring compliance with regulatory standards," they added.
Cointelegraph has reached out to Safello for comments but has not received a response as of publication.
This week, there has been a surge in the launch of cryptocurrency exchange-traded funds (ETFs), led by Bitwise's Solana Staked ETF (BSOL), which debuted on Tuesday with an asset size of $222.8 million. The fund provides investors with exposure to Solana (SOL), with an expected staking yield of 7%.
Other ETFs, including Canary's Litecoin (LTC) and Hedera (HBAR) funds, are also set to begin trading this week, while Grayscale's Solana Trust is expected to convert to an ETF.
Last week, the Hong Kong region also approved its first spot Solana ETF, making it the third spot cryptocurrency ETF approved in the region after Bitcoin (BTC) and Ethereum (ETH).
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Original article: “Safello and Deutsche Bank to launch first Bittensor (TAO) ETP on Swiss SIX exchange”
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