Deutsche Digital Assets, a Germany-regulated provider of exchange-traded products (ETPs), plans to list an ETP that brings investors exposure to a cryptocurrency linked to decentralized artificial intelligence, with the help of Nasdaq Nordic-listed broker Safello (SFL), the companies said on Wednesday.
The Safello Bittensor Staked TAO ETP will trade on the SIX Swiss Exchange with the ticker STAO over the next few weeks.
The product is physically backed by TAO tokens held in cold storage at a regulated depository, according to a press release. Investors will receive returns based on both TAO’s price movements and stake rewards, which are automatically reinvested in the fund at 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 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 cryptoassets of Bittensor’s decentralized contributor network.
“Bittensor is an excellent example of how decentralized technology and AI are converging to reshape the future of value creation. Together with DDA, we are enabling investors to easily access this innovation through a regulated and transparent investment vehicle.” said Safello CEO Emelie Moritz.
Safello Bittensor Staked TAO ETP is a total return exchange-traded product that tracks the Kaiko Safello Staked Bittensor Index (KSSTAO).
In July, UK stock exchange Archax said it agreed to buy Deutsche Digital Assets for an undisclosed sum.
