Switzerland-based funding product supplier 21Shares is launching the world’s first Solana exchange-traded product (ETP). The car, buying and selling underneath the “ASOL” ticker, goes dwell on Tuesday.
21Shares, previously often called Amun, stated Friday the Solana ETP will record on Switzerland’s main inventory change, the Swiss SIX.
The Solana ecosystem is backed closely by Sam Bankman-Fried, the CEO and founding father of crypto derivatives change FTX and Alameda Analysis. SOL is at present the 14th-largest cryptocurrency with a market cap of practically $8 billion, in keeping with CoinGecko.
Solana Labs, the group constructing the Solana community, raised $314 million earlier this month in a token sale co-led by Andresseen Horowitz and Polychain Capital.
The 21Shares ETP will give traders publicity to the high-throughput Solana blockchain and observe the efficiency of its SOL token with every unit of the ETP backed by 0.667 SOL at launch with a base payment of two.5% every year.
The Solana ETP construction is bodily collateralized, segregated and replicates 1:1 the monitoring of the crypto asset, 21Shares stated.
ETPs go unique
European regulators have been exhibiting an elevated willingness to record a variety of cryptocurrency ETPs because the asset class grows in recognition. As a consequence of elevated demand, 21Shares launched ETPs for the native cryptocurrencies of the Stellar and Cardano blockchains in April.
21Shares stated it has appointed Coinbase Custody because the SOL ETP’s major custodian.
“These new ETPs ship what purchasers requested for,” 21Shares CEO Hany Rashwan stated in an announcement. “We anticipate so as to add two new crypto ETPs within the subsequent months along with new itemizing and buying and selling venues.”
The Solana ETP will even be out there on the Stuttgart and Dusseldorf multilateral buying and selling amenities (MTFs) in Germany.