DeFi Technologies’ subsidiary Valour has announced the launch of the inaugural exchange-traded product for Core DAO, a solution for scaling Bitcoin. Switzerland-based financial firm Valour has unveiled its first exchange-traded product (ETP) for Core DAO (CORE), a Bitcoin-powered layer-1 solution that integrates proof-of-work and delegated proof-of-stake consensus mechanisms.
According to a press release reported by crypto.news, the Core Foundation revealed that the new product, named “CORE ETP,” will be accessible on the Spotlight Stock Exchange as part of the organization’s initiative to provide investors with a fresh approach to engaging with the Core blockchain network.
Rich Rines, the original contributor to CoreDAO, expressed that the introduction of the ETP signifies a significant advancement for the project. He highlighted that institutions and other participants within traditional finance can now obtain access to the native CORE token. Established in 2022, Core is a Bitcoin-powered blockchain designed to deliver EMV-compatible services such as non-custodial Bitcoin staking and yield-bearing Bitcoin ETP.
For further insights, you might enjoy reading about the DeFi Technologies CEO’s perspective on the industry’s first Bitcoin yield-bearing ETP.
This announcement from DeFi Technologies follows closely on the heels of addressing allegations of stock manipulation and unsubstantiated growth claims put forth by CoinSnacks, a cryptocurrency newsletter. The allegations, which questioned the reasoning behind the company’s stock surge of 3,400% over the past year, prompted a response from DeFi Technologies.
In a report dated June 18, CoinSnacks criticized DeFi Technologies, attributing the rise in the firm’s stock value to factors like “influencer pumps, mentions on CNBC, email campaigns, and endorsements by Pomp [referring to Anthony Pompliano].” DeFi Technologies swiftly refuted these claims the following day, denouncing the allegations made by CoinSnacks and characterizing the report in their press release as “unfounded” and containing “defamatory, selective, inaccurate, incomplete, and misleading statements, speculation, and innuendo.”
For additional information, you may want to explore Pantera Capital’s projection that DeFi on the BTC blockchain could amass up to $225 billion in value.