Deutsche Digital Assets, a German provider of exchange-traded products (ETPs), plans to list an ETP offering investors exposure to a cryptocurrency linked to decentralized artificial intelligence, with the help of Nasdaq Nordic-listed broker Safello (SFL), the companies announced on Wednesday.
The Safello Bittensor Staked TAO ETP will be traded on the SIX Swiss Exchange under the symbol STAO in the coming weeks.
The product is physically backed by TAO tokens held in cold storage at a regulated custodian, according to a press release. Investors will receive returns based on both TAO’s price movements and staking rewards, which will be 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 who provide data and computing power to perform tasks like text translation, fraud detection, image recognition, and more esoteric goals like predicting the structure of complex protein chains.
An asset management approach for the Bittensor universe has already been pioneered by Digital Currency Group founder Barry Silbert, whose Yuma Asset Management offers high-net-worth investors exposure to “subnet” tokens, the protocol-native crypto assets of Bittensor’s decentralized contributor networks.
“Bittensor is a great example of how decentralized technology and AI are converging to reshape the future of value creation. Together with DDA, we make it easy for investors to access this innovation through a regulated and transparent investment vehicle. said Emelie Moritz, CEO of Safello.
The Safello Bittensor Staked TAO ETP is a total return exchange-traded product that tracks the Kaiko Safello Staked Bittensor Index (KSSTAO).
In July, British exchange Archax announced that it had agreed to buy Deutsche Digital Assets for an undisclosed amount.
