Global investment manager and ETF manager VanEck has a Left (LEFT) He has reportedly filed for an ETF. This development indicates growing institutional interest in Solana, the relatively new cryptocurrency that has rallied spectacularly in the past two months. The altcoin is up nearly 7x from August when it traded just under $35 to record a new ATH above $210.
We can call VanEck a giant in the ETF space. The ETF manager filed a complaint with the U.S. Securities and Exchange Commission (SEC) in 2017. Bitcoin ETF was among the first to apply, and there are currently two Bitcoin ETF proposals under consideration.
VanEck said the decision to choose Solana was based on its scalability solution, which is the highest of any Tier-1 protocols available on the market. Matthew Sigel, head of digital asset research at VanEck, said:
“The idea of 50,000 transactions per second opens the door to securitization, tokenization and trading of any number of assets using the Solana network.”
This latest application by VanEck could trigger a new wave of interest in SOL, whose reputation has been badly affected after a long period of network downtime due to a bug.
Finally SOL is currently in a downtrend along with the rest of the market and although it seems to be on the way to recovery after the network issue is resolved, the current bearish trend could push the price further down. The seventh-largest cryptocurrency is trading at $145 at the time of writing.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.