FTX joins forces with CoinShares to launch Solana ETP

Leading crypto exchange FTX (FTX/USD) and CoinShares, the most prominent digital asset investment company in Europe with $3.8 billion in assets under management, announced a partnership today.

The physically-backed Solana ETP (exchange-traded product) is their first project. It launches with 1 million SOL (SOL/USD) in seed capital, a zero management fee, and staking rewards of 3.0% p.a., Invezz learned from a press release on PR News Wire. The ETP is designed to share staking rewards transparently.

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A giant leap forward

FTX’s partnership with CoinShares is their latest move into the institutional space after launching FTX Access, which offers index products, analytical tools, advisory services, trade execution, and more.

The agreement is in line with CoinShares’ mission of bridging the gap between digital assets and traditional finance in a transparent, secured, and familiar manner.

Sam Bankman-Fried, FTX CEO, commented on the partnership:

The goal of FTX Access is to bring institutional-grade services and products to market in a cost-effective manner. We only want to launch products that are genuinely innovative and add value to our clients. CoinShares has a proven track record of providing European investors with innovative and regulated crypto-asset investment vehicles for close to a decade, making them the obvious choice to collaborate with for institutional offerings. We’re excited to work alongside CoinShares to give investors access to the Solana ecosystem and we look forward to collaborating further on additional offerings.

Cutting-edge tech platform bridges CeFi and digital assets  

The Solana ETP project takes advantage of Galata, CoinShares’ tech platform, which functions as a bridge, connecting digital asset markets and protocols to CeFi platforms together with the crypto exchange’s leading offerings to institutional clients.  

CoinShares’ Solana ETP will be listed on Xetra, a leading German market. This is their fourth ETP launch this year.

CoinShares CEO Jean-Marie Mognetti stated:

At CoinShares, we have an aggressive strategy in place to drive the overall growth of the company as well as the digital asset ecosystem as a whole. An integral piece of our growth process is establishing strategic partnerships with top-tier firms that allow us to provide our investors with additional value and increase our institutional offering, giving our clients additional market penetration. A shared goal of FTX and CoinShares is to offer institutions means of access to cryptocurrency markets and through this partnership, both companies will be able to leverage their industry-leading technology to bring innovative products to the market.

Frank Spiteri, CoinShares Chief Revenue Officer added:

The feedback on our growing suite of innovative staked ETPs has been overwhelmingly positive, and collaborating with FTX to create the first Solana ETP with transparent staking rewards for investors allows us to double down on our commitment to providing investors with best-in-class regulated crypto products.