Nordic crypto exchange Safello is entering the exchange-traded product market with the launch of the first-ever Bittensor (TAO) ETP, developed in partnership with Deutsche Digital Assets (DDA), a crypto asset manager backed by Germany’s Deutsche Bank.
The Safello Bittensor Staked TAO ETP (STAO) is scheduled to list on the SIX Swiss Exchange on Nov. 19, with a 1.49% management fee, according to a Wednesday announcement.
“This is an important milestone for our new business area,” said Emelie Moritz, CEO of Safello. “The Safello TAO ETP will, as the first product from Safello, increase accessibility to Bittensor – one of the most exciting networks at the intersection of blockchain and AI.”
Issued by DDA ETP AG, the product is backed by Bittensor (TAO) tokens held in cold storage with a regulated custodian. Investors will also receive staking rewards, which are automatically reinvested into the product and reflected in its Net Asset Value (NAV).
Blockchain for AI Builders
Bittensor is a decentralized, open-source machine learning network that allows developers to build and monetize AI models without relying on centralized institutions.
Its ecosystem operates through specialized subnets, individual marketplaces dedicated to specific AI use cases, where developers, miners, and validators collaborate and are rewarded in TAO tokens.
In May, 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 what Bitcoin did for money.
“The launch aligns perfectly with DDA’s strategy to establish itself firstly, as an independent crypto ETP issuer but also being a white label partner,” a DDA spokesperson said. “Through the white label capabilities, we enable our partners to bring their innovative crypto investment strategies to market, while ensuring compliance with regulatory standards,” they added.
Cointelegraph reached out to Safello for comment, but had not received a response by publication.
New Wave of Crypto ETFs Hit Markets
The market is seeing a surge in crypto exchange-traded fund (ETF) launches this week, led by Bitwise’s Solana Staking ETF (BSOL), which debuted on Tuesday with $222.8 million in assets. The fund offers investors Solana (SOL) exposure with an estimated 7% staking yield.
Additional ETFs, including Canary’s Litecoin (LTC) and Hedera (HBAR) funds, are also slated to begin trading this week, alongside the expected conversion of Grayscale’s Solana Trust into an ETF.
Last week, Hong Kong also approved its first spot Solana ETF, marking the third spot crypto ETF approved by the city after Bitcoin (BTC) and Ether (ETH).