Investment company CoinShares, together with the crypto exchange FTX, is releasing its fourth exchange product backed by Solana.
One of the largest investment companies in Europe, CoinShres, has published an announcement on its website about a new exchange-traded product (ETP) Solana with physical backing. The new product will be called CoinShares FTX Physical Staked Solana and will have an initial capital of 1 million SOL, which will allow investors to receive a 3% staking reward.
The product was listed on Germany’s largest digital marketplace, Xetra, and is the fourth ETP launched by CoinShares in 2022. The company has previously launched similar projects with Cardano, Tezos, and Polkadot. Company representatives clarify that the new ETP has a unique staking mechanism that will allow issuers to share rewards with investors, while reducing management fees and increasing the number of ETP coins daily.
Pinned coins, the announcement says, do not move out of secure storage and ETPs always remain 100% physically secured. FTX CEO Sam Bankman-Fried said the new ETP launch is paired with the launch of the FTX Access tool, which combines FTX and FTX US to provide institutional clients around the world with access to digital assets.
“With FTX Access, we plan to bring institutional-grade products and services to market in a cost-effective way. That is why we are partnering with CoinShares,” Fried explained.
Earlier it became known that FTX is going to acquire the Japanese company Liquid Group, which, in addition to the crypto exchange, includes the Japanese company Quoine Corporation and Singaporean Quoine Pte.
Source: Bits
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