FTX and CoinShares launch physical staked Solana ETP

CoinShares, 1 of the largest crypto concern firms successful Europe, and FTX crypto speech person agreed forces to motorboat a caller physically-backed Solana (SOL) exchange-traded merchandise (ETP).

The caller product, titled CoinShares FTX Physical Staked Solana, is launching with 1 cardinal SOL successful effect capital, allowing investors to get 3% successful staking rewards, CoinShares officially announced connected Wednesday. The caller cryptocurrency ETP is the archetypal inaugural betwixt FTX and CoinShares.

[1/5] We are excited to denote that we've partnered with @FTX_Official and our archetypal inaugural is to motorboat a physically staked Solana ETP with SOL1mn effect capital, Staking Rewards of 3.0% p.a, and a reduced absorption interest of 0.0% p.a. pic.twitter.com/dCq5H2CH1c

— CoinShares ‍ (@CoinSharesCo) March 23, 2022

The merchandise volition beryllium listed connected Germany’s large integer marketplace Xetra and is the 4th ETP rolled retired by CoinShares successful 2022. The steadfast antecedently launched the CoinShares Physical Staked Cardano ETP successful aboriginal March aft starting trading the CoinShares Physical Staked Tezos ETP and the CoinShares Physical Staked Polkadot ETP successful January. 

Similarly to antecedently launched staked ETPs, the caller CoinShares FTX Physical Staked Solana has a unsocial staking mechanics that allows issuers to stock staking rewards with investors by reducing the absorption interest and expanding the coin entitlement of the ETP each day.

“Staked coins bash not determination from the unafraid custodian wherever they are stored, and the ETPs stay 100% physically-backed astatine each times,” CoinShares noted successful the announcement.

FTX CEO Sam Bankman-Fried noted that the latest ETP motorboat follows the motorboat of FTC Access, a caller instrumentality combining the expertise down FTX and FTX US to supply planetary organization clients with entree to integer plus products, adding:

“The extremity of FTX Access is to bring institutional-grade services and products to marketplace successful a cost-effective manner. CoinShares has a proven way grounds of providing European investors with innovative and regulated crypto-asset concern vehicles for adjacent to a decade.

Related: SEC pushes decisions connected WisdomTree’s and One River’s applications for spot Bitcoin ETFs

The quality comes soon aft FTX officially announced the enlargement successful Europe successful aboriginal March aft receiving support from the Cyprus Securities and Exchange Commission. One of the world’s fastest-growing cryptocurrency companies, FTX successful mid-March besides won a licence successful Dubai to unfastened section office and connection crypto derivatives products.