News
Bitcoin Staking Layer-1 Core now has a fund tracking its token
The first exchange traded product (ETP) for CORE, the native token of Bitcoin’s Core layer-1 blockchain, launches on the Swedish Spotlight Exchange.
The new fund marks a major step in making the Core blockchain network more accessible to traditional investors, according to its Toronto-based issuer, Valour. The Canadian-listed digital asset manager is a subsidiary of DeFi Technologies.
The Valor CORE (CORE) ETP will track the price of CORE, providing investors with exposure to the native Core blockchain token. Core is a Bitcoin-based L1 designed for EVM-compatible smart contracts, using a unique consensus mechanism called Satoshi Plus.
“Valour’s launch of a CORE ETP is a valuable contribution to the accessibility of CORE, particularly to institutions and other participants in traditional finance,” said Rich Rines, an early contributor to Core.
What sets Core apart is its innovative approach Bitcoin betHistorically, Bitcoin holders have not been able to directly stake their BTC.
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 Delegation Proof of Work (DPoW) and Delegation 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 considerable attention, with Core recently surpassing $200 million in Bitcoin staked.
The launch of the CORE ETP on the Spotlight stock market follows the debut of the Valor Hedera ETP, which tracks HBAR, on the German Stock Exchange in Frankfurt last week. It’s a bullish sign for the growing interest in decentralized financial products in European markets.
The Core project has said its blockchain technology aims to unlock 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.
According to the team, since the launch of its core network in January 2023, Core has attracted over 18 million unique addresses and processed 256 million transactions, indicating significant adoption of its technology.
By Stacy Elliott.