CoinShares partners FTX to launch Solana ETP. The alliance between the two aims at bridging the gap between digital assets and traditional finance. The first initiative of CoinShares and FTX, Solana ETP, launches with 1 million SOL in seed capital. It will offer investors 3% in staking rewards with a 0% management fee.
The partnership includes the world’s most prominent companies. CoinShares partners FTX to launch Solana ETP to reduce the costs for investors. CoinShares is Europe’s largest digital assets investment company, while FTX is one of the leading regulated cryptocurrency exchanges worldwide.
These organizations will partner to launch the world’s physically-backed Solana ETP (Exchange Traded Product). If you want to know more about this, we have an article “CoinShares partners FTX to launch Solana ETP” that includes all the details.
Let us gather more information with our post “CoinShares partners FTX to launch Solana ETP”. But, before we move further, let us discuss these two organizations, FTX and CoinShares.
About FTX And CoinShares
FTX is a crypto Derivative Exchange that is built by and for traders. It offers products such as industry-leading derivatives, tokenized stocks, leveraged tokens, volatility and options products, and more.
It is a powerful platform for all types of users. It is one of the fastest-growing cryptocurrency firms. CoinShares is the largest crypto investment company in Europe. The firm launches innovative and new products and services to increase access to the digital asset ecosystem. CoinShares partners FTX to launch Solana ETP. It will provide FTX with a route to Europe’s crypto market. Let us now discuss this partnership in detail.
CoinShares Partners FTX To Launch Solana ETP
CoinShares, Europe’s largest Exchange Traded Product issuer, and FTX, leading crypto exchange, will join forces and launch the world’s first physically-backed Solana ETP. It is designed to transparently staking rewards with the investors. The Exchange Traded Product will be launched with 1 Million Solana tokens in seed capital.
The product launched with the partnership is expected to attract institutional interest. CoinShares announced its partnership with FTX and launched Solana ETP. They also announced the staking rewards of 3.0% and 0.0% management fee per annum.
The CEO of FTX also stated about CoinShares’ track record to provide investors with regulated and innovative crypto-asset investment vehicles. It was also stated that they are excited to partner with CoinShares to provide investors with access to the Solana ecosystem.
The ETP to be launched will list on Xetra, a German digital market. It is a trading technology platform operated by Frankfurter Wertpapierborse. The CEO of CoinShares said that their partnership will help both the firms leverage industry-leading technology. They both aim to offer means of access to cryptocurrency markets to institutions. He also added that Solana has scalability and speed, making it an advanced blockchain.
CoinShares partners FTX to launch Solana ETP and offer a unique staking mechanism Issuers will allow issuers to share their rewards with investors. The management fee will also be reduced. As staking rewards accrue, Exchange Traded’s Coin Entitlement will increase.
FTX will support this new product with around $91.4 million in seed capital. CoinShares and FTX will get additional revenue by staking the SOL tokens underlie the Exchange Traded Product. It is also stated that FTX’s partnership with CoinShares is for innovative products and to add value to the customers.
The product will list on Germany’s digital market, Xetra exchange. It will be listed alongside other physically-backed staked ETP from CoinShares that keeps track of tokens such as Cardano, Polkadot, etc. Last year a similar product was launched with a 2.5% fee, but it will be launched with a 0% management fee.
Our post on “CoinShares partners FTX to launch Solana ETP” ends. With this partnership, the two companies expect to leverage their technology and develop more innovative products in the market.
They are also hoping to attract higher institutional investors’ interest through their partnership. More information about this partnership and project is still awaited. We will update you with more details as soon as it is available. Let us see how the partnership works in the future and brings in innovation by adding value for customers. Share your views on “CoinShares partners FTX to launch Solana ETP” in the comment section.