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Bitcoin Layer-1 staking core now has a fund tracking its token
The first exchange-traded product (ETP) for CORE, the native token of Bitcoin’s layer-1 Core blockchain, is launching on Sweden’s Spotlight Exchange.
The new fund marks an important step towards making the Core blockchain network more accessible to traditional investors, according to its Toronto-based issuer, Valor. The publicly traded Canadian digital asset manager is a subsidiary of DeFi Technologies.
The CORE Value (CORE) ETP will track the price of CORE, providing investors with exposure to the native token of the Core blockchain. Core is a Bitcoin-powered L1 designed for EVM-compatible smart contracts, utilizing a unique consensus mechanism called Satoshi Plus.
“Valor’s launch of the CORE ETP is a valuable contribution to the accessibility of CORE, especially for institutions and other traditional finance participants,” said Rich Rines, an early Core contributor.
What sets Core apart is its innovative approach to Bitcoin Staking. Historically, Bitcoin holders have not been able 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 the 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 encapsulating 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 advancement has attracted significant attention, with Core recently surpassing $200 million worth of Bitcoin staked.
The launch of CORE ETP on Stock Exchange Spotlight follows the debut of Valor Hedera ETP, which tracks HBAR, at Germany’s Börse Frankfurt last week. It is a bullish sign for the growing interest in decentralized financial products in European markets.
The Core project said its blockchain technology aims to unlock more than $1.25 trillion in liquidity locked in Bitcoin. By staking BTC, holders can earn yield through block rewards and transaction fees from Core’s EVM-compatible smart contract protocol.
Since the mainnet launch in January 2023, Core has attracted more than 18 million unique addresses and processed 256 million transactions, indicating significant adoption of its technology, according to the team.
Edited by Stacy Elliott.