Coinshares And FTX Became Partners To Launch Physically Staked Solana ETP.
CoinShares has announced a partnership with leading cryptocurrency exchange FTX Global to launch a physically-settled exchange-traded product for Solana (SOL).
The physically settled Solana ETP, designed to share staking rewards with investors using a transparent model, will launch with 1 million SOL ($91.6 million) in assets under management (AUM).
According to the announcement today, the staking rewards for the Solana product has been set at 3% per annum while the management fee is reduced to 0% yearly.
[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 ?? (@CoinSharesCo) March 23, 2022
A Win for Both Parties
Per the announcement, the initiative is considered a win for both parties. For FTX, the Solana ETP will further expand its institutional clients’ offerings, which include the FTX Access, an initiative designed to provide advisory services, innovative products, and exposure to crypto-related assets for the investor class.
CoinShares will benefit from the newly developed innovative product by fostering its mission of bridging the gap between digital assets and traditional finance in secure and transparent ways.
Sam Bankman-Fried, CEO and founder of FTX Global, who is a major fan of Solana, said the company is committed to launching innovative products that add value to its 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.”
The FTX boss added that the physically settled SOL ETP will give institutional investors access to the Solana ecosystem in the safest and secure manner, adding:
“We’re excited to work alongside CoinShares and we look forward to collaborating further on additional offerings.”
With the new product, CoinShares has now officially launched four ETPs this year, suggesting an increase in interest in staked ETPs.
Meanwhile, last year, CoinShares launched an exchange-traded product for Ripple (XRP).
“A shared goal of FTX and CoinShares is to offer institutions means of access to crypto markets and through this partnership, both companies will be able to leverage their industry-leading technology to bring innovative products to the market,” Jean-Marie Mognetti, CEO of CoinShares, said.
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