The digital asset manager, CoinShares revealed a partnership with leading crypto exchange FTX to launch a physically-backed Solana (SOL) exchange-traded product (ETP).
In a thread of tweets, Coinshares revealed the first initiative from the collaboration with the launch of ETP entitled CoinShares FTX Physical Staked Solana containing 1 million SOL in seed capital, which will allow investors to gain 3% staking interest.
The new product will be listed on Germany’s leading digital market Xetra, which will be the fourth product rolled out by Coinshares in 2022. Before this, the digital manager launched Physical Staked Cardano ETP in March following CoinShares Physical Staked Tezos ETP and the CoinShares Physical Staked Polkadot ETP in January.
To get better connectivity with digital assets, protocols and markets, Coinshares FTX Physical Staked Solana uses Galata, which is a birding tool of the firm that links CeFi with decentralized markets.
“Staked coins do not move from the secure custodian where they are stored, and the ETPs remain 100% physically-backed at all times,” CoinShares noted in the announcement.
Sam Bankman-Fried, CEO of FTX stated that the new crypto product launch follows the launch of FTC Access, which is a tool that combines the expertise behind FTX and FTX US to make broder products for global institutional clients.
“The goal of FTX Access is to bring institutional-grade services and products to market in a cost-effective manner. CoinShares has a proven track record of providing European investors with innovative and regulated crypto-asset investment vehicles for close to a decade”.
The largest digital asset investment firm in Europe is continuously expanding its business through new deals. a crypto-expanding area. Recently, Coinshares acquired a 32.06% stake in Swiss-based FlowBank for more advanced digital asset exposure.
