- CoinShares has launched its fourth ETP in the year titled CoinShares FTX Physical Staked Solana, which would be listed on Xetra.
- This latest ETP launch follows the launch of ETP Access, a new tool merging the expertise behind FTX and FTX US, highlights FTX CEO, Sam Bankman Fried.
- FTX continues to expand itself as it earlier announced a European unit.
FTX Crypto Exchange and one of the largest crypto investment firms in Europe, CoinShares, have joined hands to roll out a new physically backed Solana (SOL) exchange-traded product (ETP).
This new product is given the title CoinShares FTX Physical Staked Solana and is launching with 1 million SOL in seed capital, facilitating the investors to get 3% in staking rewards.
CoinShares very recently announced that this is the first initiative between FTX and CoinShares, via a Tweet.
[1/5] We are excited to announce that we've partnered with @FTX_Official and our first initiative is to launch a physically staked Solana ETP with SOL1mn seed capital, Staking Rewards of 3.0% p.a, and a reduced management fee of 0.0% p.a. pic.twitter.com/dCq5H2CH1c
— CoinShares
The product would be listed on Xetra, Germany’s major digital market, and is the fourth ETP launched by CoinShares in this year, with the other three being CoinShares Physical Staked Polkadot ETP, CoinShares Physical Staked Tezos ETP, and CoinShares Physical Staked Cardano ETP.
Just like the other ETPs, this new CoinShares FTX Physical Staked Solana also has a unique staking mechanism that facilitates the issuers to share staking rewards with the investors by lessening the management fee and increasing the coin entitlement of the ETP every day.
According to CoinShares, Staked coins don’t move from the secure custodian where they are stored, and the ETPs remain totally physically backed at all times.
According to FTX CEO Sam Bankman Fried, this latest ETP launch follows the launch of ETP Access, a new tool merging the expertise behind FTX the FTX US to provide global institutional clients with access to digital asset products.
Further adding that the goal of FTX Access is to bring institutional-grade services and products to market in a cost-effective way. And that CoinShares has proven a track record of enabling European investors with innovative and regulated crypto-asset investment vehicles for close to a decade now.
Earlier, FTX has announced that it is expanding itself to Europe by establishing a unit in the country and extending its presence into Europe and the Middle East.
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The post CoinShares FTX Physical Staked Solana: ETP Launched by FTX and CoinShares appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/03/23/coinshares-ftx-physical-staked-solana-etp-launched-by-ftx-and-coinshares/