CoinShares launches Cardano exchange traded product with 3.0% staking reward

Cryptocurrency asset manager CoinShares (OTCPK:CNSRF) on Friday introduced a physically-backed Cardano (ADA-USD) exchange traded product with staking rewards of 3.0%. The staking mechanism enables the issuer to share staking rewards with investors by reducing the management fee to 0% and increasing the coin entitlement of the ETP each day, as staking rewards accrue. The so-called CoinShares Physical Staked Cardano will be listed on Germany-based market Xetra, the company noted. "This is the first Cardano ETP in the world to feature transparent staking rewards for investors, and we look forward to launching more digital asset ETPs with best-in-class structures in the coming months," said Townsend Lansing, Head of Product at CoinShares. Previously, (Dec. 1, 2021) CoinShares agreed to buy French fintech firm Napolean Crypto.