CoinShares, one of Europe’s largest crypto investment firms, and crypto exchange FTX have joined forces to launch a new physically-backed Solana (SOL) exchange-traded product (ETP).
FTX and CoinShares launch physically backed Solana ETP
According to an official announcement by CoinShares on Wednesday, the new product “CoinShares FTX Physical Staked Solana” will be launched with 1 million SOL initial capital and will provide its investors with a 3% stake reward. The new ETP is the first attempt between FTX and CoinShares.
The product will be listed on Germany’s largest digital marketplace, Xetra, and will be the fourth ETP released by CoinShares in 2022.
Staked coins will always be 100% physically backed
Similar to previously released staked ETPs, the new CoinShares FTX Physical Staked Solana features a unique staking mechanism that allows issuers to share their stake rewards with investors by reducing the administration fee and increasing the ETP’s token entitlement daily. CoinShares stated in the announcement that staked coins will always be 100% physically backed.
Sam Bankman-Fried, junior CEO of FTX exchange, noted that the latest ETP launch follows the launch of FTC Access, a new tool that combines the expertise behind FTX and FTX US to provide global institutional customers with access to crypto products, adding:
The goal of FTX Access is to bring enterprise-grade services and products to market cost-effectively. CoinShares has a proven track record of providing innovative and regulated crypto-asset investment vehicles to European investors for close to a decade.
cryptocoin.com As we reported, the news came shortly after FTX officially announced its European expansion in early March, after gaining approval from the Cyprus Securities and Exchange Commission. FTX, one of the fastest growing cryptocurrency companies in the world, also won a license in mid-March to open local headquarters in Dubai and offer crypto derivatives products.
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