FTX and CoinShares 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 stashed solana will launch with 1 million SOL seed capital. Investors can get 3% in staking rewards. The CoinShares and FTX have collaborated on the new cryptocurrency ETP.

[1/5] We’re excited to announce our partnership with @FTX_Official. Our first initiative is to launch an physically staked Solana ETP with SOL1mn seed capital and Staking Rewards of 3.0% per annum. A reduced management fee of 0.0% per annum will also be offered. pic.twitter.com/dCq5H2CH1c
— CoinShares (@CoinSharesCo), March 23, 2022

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 Physical Staked Tezos and the CoinShares Physical Staked Polkadot ETPs in January, the firm launched the CoinShares Physical Staked Cardano in March.

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 lowering the management fee 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.

Sam Bankman-Fried, CEO of FTX, noted that the ETP launch comes after the launch FTC Access, a tool that combines the expertise from FTX US and FTX US, to give global institutional clients access to digital assets products.

“FTX Access’s goal is to provide institutional-grade products and services to the market in a cost-effective way. 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 in March, shortly after it received approval from the Cyprus Securities and Exchange Commission. FTX, one of the fastest growing cryptocurrency companies in the world, was granted a Dubai license in March to open a local headquarters and provide crypto derivatives products.

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