CoinShares, one of Europe’s largest crypto investment companies, and cryptocurrency exchange FTX have joined forces to launch a new funded exchange-traded product (ETP) Solana (SOL).

CoinShares officially announced on Wednesday that a new product called CoinShares FTX Physical Staked Solana has been launched with a capital of 1 million SOL, allowing investors to earn a 3% return on investment. The new ETP cryptocurrency is the first initiative of FTX and CoinShares.

The product will be listed on major German digital marketplace Xetra and will be the fourth ETP that CoinShares will introduce in 2022. The company previously launched the CoinShares Physical Staked Cardano ETP in early March after trading began on CoinShares Physical Staked Tezos ETP and CoinShares. Physical staking of Polkadot ETP in January.

Like previously launched ETPs, CoinShares FTX Physical Stacked Solana features a unique effort mechanism that allows issuers to share effort rewards with investors, reducing management fees and increasing ETP rights every day.

CoinShares noted in the announcement that “Deposited coins are not transferred from the custodian where they are stored and ETPs always remain 100% physically secured.”

FTX CEO Sam Bankman-Fried noted that the latest ETP launch follows the launch of FTC Access, a new tool that combines the expertise of FTX and FTX US to provide global institutional clients with access to digital asset products, adding:

“The goal of FTX Access is to bring institutional services and products to market in a cost-effective way. CoinShares has been providing European investors with innovative and regulated investment vehicles for cryptocurrencies for almost a decade.
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The news comes shortly after FTX officially announced its European expansion in early March after receiving approval from the Cyprus Securities and Exchange Commission. In mid-March, FTX, one of the fastest growing crypto companies in the world, also received a license in Dubai to open a local headquarters and offer crypto-derived products.

Source: CoinTelegraph

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