The first joint venture between FTX and CoinShares– Solana ETP, has been launched with 1M Sol in seed capital, 3.0% p.a. staking rewards and a downsized 0.0% p.a. management fee. FTX, a leading regulated cryptocurrency exchange, and CoinShares, Europe’s leading digital asset investment firm, declared their association. As an initial step, this collaboration has launched the world’s first physically backed Solana exchange traded product (ETP), which is intended to share the rewards of staking with investors in a clear manner.
For FTX, this partnership has marked the most recent development in the institutional landscape. This collaboration with FTX and FTX Access provides institutional investors keen on gaining digital asset exposure with advisory services, index products, trade execution, analytical tools, and capital introductions. This collaboration with FTX and FTX Access enhances the mission of CoinShares to link digital assets and traditional finance in a transparent, lucid, and familiar manner.
Sam Bankman-Fried, FTX CEO, said, “The goal of FTX Access is to bring institutional-grade services and products to market in a cost-effective manner. We only want to launch products that are genuinely innovative and add value to our clients. CoinShares has a proven track record of providing European investors with innovative and regulated crypto-asset investment vehicles for close to a decade, making them the obvious choice to collaborate with for institutional offerings. We’re excited to work alongside CoinShares to give investors access to the Solana ecosystem and we look forward to collaborating further on additional offerings.”
CoinShares FTX Physical Staked Solana incorporates the organization’s technology platform, Galata, which works as a link within the digital asset ecosystem, connecting CeFi platforms to digital asset protocols and markets. Along with FTX’s industry leading institutional offerings, which provide exposure to Solana and the rewards for participating in the blockchain’s security. The ETP is going to be indexed on Germany’s main market, Xetra.