CoinShares has launched a physically-backed FTX token exchange-traded product (ETP) seeded with $40m.
The CoinShares FTX Physical FTX Token (CFTT) is listed on the Xetra with a total expense ratio (TER) of 1.50%.
CFTT was launched in partnership with FTX Europe and tracks the native currency of the cryptocurrency exchange and can be utilised for fee discounts and over-the-counter rebates.
The ETP uses CoinShares technology platform Galata, connecting centralised finance platform (CeFi) to digital asset protocols and markets.
Frank Spiteri, chief revenue officer at CoinShares, said: “The execution of our product development strategy continues apace, and we are delighted to work with FTX again on the launch of another institutional-grade physically-backed ETP.”
According to the firm, their range of physically-backed ETPs now has over $675m in assets under management (AUM).
The FTX ETP is the fifth to be listed by CoinShares this year. In March, the issuer partnered with FTX for the first time to launch the CoinShares FTX Physical Staked Solana ETP (SLNC) which now has $107m AUM.