CoinShares and FTX crypto exchange partner to unveil a new physically-backed Solana (SOL) exchange-traded product (ETP), according to a report by CoinShares on Wednesday.
The new product, known as CoinShares FTX Physical Staked Solana, is unveiled with 1 million SOL in seed capital, allowing investors to get 3% in staking rewards. The new crypto ETP is the first program between FTX and CoinShares.
The product will be listed on Germany’s major digital market Xetra and is the fourth ETP launched by CoinShares in the current year. The investment firm initially launched the CoinShares Physical Staked Cardano ETP in early March.
The new CoinShares FTX Physical Staked Solana has a unique staking initiative that allows users to benefit from staking rewards with investors by cutting the management fee.
Sam Bankman-Fried CEO FTX stated that the latest ETP launch comes after the unveiling of FTC Access, a new tool combining FTX and FTX US’s expertise to give institutional clients access to digital asset products. SOL USD up +2.65%