Deutsche Digital Assets, a German-regulated exchange-traded products (ETP) provider, plans to list an ETP that provides investors exposure to a cryptocurrency linked to decentralized artificial intelligence, with the help of broker Safello (SFL) listed on the Nordic Nasdaq, the companies said on Wednesday.
The Safello Bittensor Staked TAO ETP will be listed on the SIX Swiss Exchange under the symbol STAO in the coming weeks.
The product is physically backed by cold-stored TAO tokens with a regulated custodian, according to a press release. Investors will receive returns based on both TAO 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 AI network 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 “subnetwork” tokens, the native crypto assets of the Bittensor decentralized contributor networks protocol.
“Bitensor is a great example of how decentralized technology and AI are converging to reshape the future of value creation. Together with DDA, we are 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, British exchange Archax said it had agreed to buy Deutsche Digital Assets for an undisclosed amount.
