• 21shares announced that they would soon launch the Solana ETP on Switzerland’s primary stock exchange, the Swiss SIX.
• The firm plans to add two new cryptos ETPs in new listing and trading venues.
• Solana ETP will be collateralized, segregated, and resemble 1:1 tracking the crypto asset.
21Share, the Swiss investment product provider, launches the first-ever Solana exchange-traded product (ETP). Formerly known as Amun, 21Shares announced that they would soon launch the Solana ETP on Switzerland’s primary stock exchange, the Swiss SIX. The ETPs would be traded under the ticker symbol. Solana is a web-scale blockchain that provides fast, secure, scalable, decentralized apps and marketplaces. The Solana blockchain currently supports 50,000 TPS (Transactions per second) and 400ms Block Times. Sam Bankman-Fried, a prominent crypto personality, heavily backs the Solana ecosystem. He is the CEO, and founder of crypto derivatives exchange FTX and Alameda Research.
Solana Raised $314 Million in a Token Sale Earlier This Month
As per the cryptanalysis site CoinGecko, SOL is currently the 8th largest cryptocurrency by market capitalization. It has a market cap near to $8 billion. The SOL token is trading at $28.26 and is down by 4.43% in the last 24 hours. Earlier this month, Solana raised $314 million earlier this month in a token sale led by Andreessen Horowitz and Polychain Capital. The private token sale with participation from CMS Holdings, Coinfund, ParaFi, and others. Solana Labs wants to build a decentralized finance (DeFi) ecosystem on top of the Solana blockchain.
European Regulators are More Open to Cryptocurrency Products
The 21Shares ETP is expected to give the investors greater insights into the blockchain’s increased number of transactions per second and help them to keep track of the performance of its native SOL token. In addition, each unit of this new Solana ETP is backed by 0.667 SOL and is launched with a base fee of 2.5% per annum. 21Shares said that the Solana ETP would be collateralized, segregated, and resemble 1:1 tracking the crypto asset. The investment provider also declared Coinbase Custody as the SOL ETP’s prime custodian.
The CEO of 21shares, Hany Rashwan, commented that these new ETPs are designed exactly how the blockchain company wanted them to. In addition, he announced that the firm plans to add two new cryptos ETPs in new listing and trading venues. The new Solana ETP would also be available for trading on the Stuttgart and Dusseldorf multilateral trading facilities (MTFs) in Germany. Due to increasing willingness of the European regulators to adopt more cryptocurrency products, 21shares is having a good time. A short time ago, they launched ETPs for the native cryptocurrencies of the Stellar and Cardano blockchains.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.