CoinShares and FTX launch physical staked Solana ETP

CoinShares, Europe’s largest crypto investment firm, and FTX have teamed up to launch a physical-backed Solana ( SOL ) exchange-traded product.

CoinShares FTX Physical Staked Solana is the new product. It launches with 1 million SOL seed capital. Investors can get 3% in staking reward, CoinShares officially announced Wednesday. The CoinShares and FTX have collaborated on the new cryptocurrency ETP.

This product will be listed on Germany’s largest digital market Xetra. It is the fourth ETP launched by CoinShares in 2022. After trading the CoinShares Tezos and Polkadot ETPs in January, the firm launched this CoinShares physical stashed cardano ETP.

Similar to previous staked ETPs launched, the CoinShares Physical Staked Solana now has a unique staking system that allows investors to share the staking rewards with issuers by reducing the management fees and increasing the ETP’s coin entitlement each day.

CoinShares stated in an announcement that staked coins are not allowed to leave the safe custodian, where they are kept. The ETPs also remain 100% physically-backed at all time.

FTX CEO Sam Bankman -Fried stated that the ETP launch was in line with the launch of FTC Access. This new tool combines the expertise from FTX US and FTX US to offer global institutional clients access to digital assets products.

“The goal is for FTX Access to bring high-quality products and services to market at a reasonable price. CoinShares has been providing European investors with innovative, regulated crypto-asset investments vehicles for over a decade.

Related: SEC presses for decisions on WisdomTree and One River applications for spot Bitcoin ETFs

This news comes just after FTX announced its expansion in Europe shortly after it received approval from the Cyprus Securities and Exchange Commission. FTX, one of the fastest growing cryptocurrency companies in the world, also received a license from Dubai to establish local headquarters and provide crypto derivatives products.

Opinion writer on 7trade7