Deutsche Digital Assets, a Germany-regulated provider of exchange-traded products (ETPs), plans to list an ETP bringing investors exposure to , a cryptocurrency linked to decentralized artificial intelligence, with the help of Nasdaq Nordic-listed broker Safello (SFL), the firms said on Wednesday.
The Safello Bittensor Staked TAO ETP will trade on the SIX Swiss Exchange with the ticker STAO in the next couple of weeks.
The product is physically backed by TAO tokens held in cold storage with a regulated custodian, according to a press release. Investors will receive returns based on both TAO’s price movements and staking rewards, which are automatically reinvested into the fund, with a maximum fee of 1.49%.
Interest is growing in Bittensor, a decentralized network for AI that rewards people for contributing data and computing power to carry out tasks like text translation, fraud detection, image recognition and more esoteric goals like predicting the structure of complex protein chains.
An asset management approach to the Bittensor universe has already been launched by Digital Currency Group founder Barry Silbert, whose Yuma Asset Management offers wealthy investors exposure to “subnet” tokens, the protocol-native crypto assets of Bittensor’s decentralized contributor networks.
“Bittensor is a prime example of how decentralized technology and AI are converging to reshape the future of value creation. Together with DDA, we’re making it possible for investors to easily access this innovation through a regulated and transparent investment vehicle.” said Safello CEO Emelie Moritz.
The Safello Bittensor Staked TAO ETP is a total return exchange-traded product that tracks the Kaiko Safello Staked Bittensor Index (KSSTAO).
In July, U.K. exchange Archax said it agreed to buy Deutsche Digital Assets for an undisclosed amount.