FTX and CoinShares to launch physically backed Solana ETP

Asset-management company CoinShares and the crypto exchange FTX announced plans to list a Solana-based exchange-traded product (ETP) on Xetra, part of Deutsche Börse’s ETP framework.

[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

The instrument will trade under the ticker SLNC. The initial asset base of the product will be 1 million SOL.

The management fee will be 0%.

Investors can expect a 3% staking reward.

«The coins locked in staking remain safe with the custodian. The ETP is backed by 100% physical collateral», the press release said.

The Solana-based ETP launch will be CoinShares’ fourth in 2022. Previously the firm announced physically backed products based on Polkadot, Tezos, and Cardano.

FTX CEO Sam Bankman-Fried tied the development of CoinShares FTX Physical Staked Solana ETP to the recent launch of FTX Access, aimed at institutional clients of the bitcoin exchange division.

In March, FTX created the FTX Europe, having obtained a license from the Cypriot financial regulator.

Earlier the bitcoin exchange obtained a license in Dubai, where it plans to establish its headquarters.

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