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The first exchange-traded product (ETP) for CORE, the native token of the Bitcoin layer-1 blockchain Core, is launching on the Sweden’s Spotlight Stock Exchange.
The new fund marks an important step in making the Core blockchain network more accessible to traditional investors, according to its Toronto-based issuer, Valour. The Canadian publicly traded digital asset manager is a subsidiary of DeFi Technologies.
The Valour CORE (CORE) ETP, will track the price of CORE, providing investors with exposure to the Core blockchain’s native token. Core is a Bitcoin-powered L1 designed for EVM-compatible smart contracts, utilizing a unique consensus mechanism called Satoshi Plus.
Valour’s launch of a CORE ETP is a valuable contribution to CORE’s accessibility, particularly for institutions and other participants in traditional finance,” said Rich Rines, an Initial Contributor to Core.
What sets Core apart is its innovative approach to Bitcoin staking. Historically, Bitcoin holders have been unable to stake their BTC directly.
However, Core Chain has introduced a “first-of-its-kind” non-custodial BTC staking mechanism.
This allows BTC holders to earn yield by participating in Core Chain’s consensus mechanism, Satoshi Plus, which combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS).
Unlike previous methods that required wrapping Bitcoin or losing custody of assets, Core’s solution allows users to stake BTC directly on the Bitcoin network while maintaining full custody of their assets.
This breakthrough has attracted significant attention, with Core recently surpassing $200 million in staked Bitcoin.
The launch of the CORE ETP on the Spotlight Stock Market follows the debut of the Velour Hedera ETP, which tracks HBAR, on Germany’s Börse Frankfurt last week. It’s a bullish sign for growing interest in decentralized finance products across European markets.
The Core project said its blockchain technology is aimed at unlocking over $1.25 trillion in trapped Bitcoin liquidity. By staking BTC, holders can earn yield through block rewards and transaction fees from Core’s EVM-Compatible smart contract protocol.
Since its mainnet launch in January 2023, Core has attracted over 18 million unique addresses and processed 256 million transactions, indicating significant adoption of its technology, according to the team.
Edited by Stacy Elliott.
