FTX And CoinShares Launch Physical Staked Solana ETP
CoinShares, one of Europe’s major cryptocurrency investment firms, has teamed up with FTX to establish a new physically-backed Solana (SOL) exchange-traded product (ETP).
CoinShares formally stated on Wednesday that the new product, dubbed CoinShares FTX Physical Staked Solana, will begin with 1 million SOL in seed capital, letting investors to earn 3% in staking rewards.
The new cryptocurrency ETP is FTX and CoinShares’ first joint venture
The product will be launched on Xetra, Germany’s largest digital exchange, and will be CoinShares’ fourth ETP in 2022. After launching the CoinShares Physical Staked Tezos ETP and the CoinShares Physical Staked Polkadot ETP in January, the firm introduced the CoinShares Physical Staked Cardano ETP in early March.
The new CoinShares FTX Physical Staked Solana, like previous staked ETPs, features a unique staking mechanism that lets issuers to share staking benefits with investors by lowering the management fee and raising the ETP’s coin entitlement each day.
“Staked coins do not move from the secure custodian where they are stored, and the ETPs remain 100% physically-backed at all times,” CoinShares noted in the announcement.
FTX CEO Sam Bankman-Fried noted that the latest ETP launch follows the launch of FTC Access, a new tool combining the expertise behind FTX and FTX US to provide global institutional clients with access to digital asset products, adding:
“The goal of FTX Access is to bring institutional-grade services and products to market in a cost-effective manner. CoinShares has a proven track record of providing European investors with innovative and regulated crypto-asset investment vehicles for close to a decade.”
The announcement comes after FTX received approval from the Cyprus Securities and Exchange Commission in early March to publicly announce its growth in Europe. In mid-March, FTX, one of the world’s fastest-growing cryptocurrency firms, received a license in Dubai to create a local headquarters and provide crypto derivatives products.
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FTX And CoinShares Launch Physical Staked Solana ETP
CoinShares, one of Europe’s major cryptocurrency investment firms, has teamed up with FTX to establish a new physically-backed Solana (SOL) exchange-traded product (ETP).
CoinShares formally stated on Wednesday that the new product, dubbed CoinShares FTX Physical Staked Solana, will begin with 1 million SOL in seed capital, letting investors to earn 3% in staking rewards.
The new cryptocurrency ETP is FTX and CoinShares’ first joint venture
The product will be launched on Xetra, Germany’s largest digital exchange, and will be CoinShares’ fourth ETP in 2022. After launching the CoinShares Physical Staked Tezos ETP and the CoinShares Physical Staked Polkadot ETP in January, the firm introduced the CoinShares Physical Staked Cardano ETP in early March.
The new CoinShares FTX Physical Staked Solana, like previous staked ETPs, features a unique staking mechanism that lets issuers to share staking benefits with investors by lowering the management fee and raising the ETP’s coin entitlement each day.
“Staked coins do not move from the secure custodian where they are stored, and the ETPs remain 100% physically-backed at all times,” CoinShares noted in the announcement.
FTX CEO Sam Bankman-Fried noted that the latest ETP launch follows the launch of FTC Access, a new tool combining the expertise behind FTX and FTX US to provide global institutional clients with access to digital asset products, adding:
“The goal of FTX Access is to bring institutional-grade services and products to market in a cost-effective manner. CoinShares has a proven track record of providing European investors with innovative and regulated crypto-asset investment vehicles for close to a decade.”
The announcement comes after FTX received approval from the Cyprus Securities and Exchange Commission in early March to publicly announce its growth in Europe. In mid-March, FTX, one of the world’s fastest-growing cryptocurrency firms, received a license in Dubai to create a local headquarters and provide crypto derivatives products.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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