Coinshares and FTX merged to bring Solana ETP onto the market

Coinshares and FTX merged to bring Solana ETP onto the market

The crypto exchange FTX and Europe's largest ETP emittee are merging and starting the Allianz with an offer from Solana.

The first initiative of the partnership is the introduction of the CoinShares FTX Physical Staked Solana ETP (stock market -traded product), which is noted on the German main market Xetra. The product uses Galata, the technology platform of CoinShares, as well as the institutional offers of FTX.

Solana's ability to provide transactions with a time stamp, as well as its speed and scalability functions make it one of the most progressive layer 1 blockchains, said Jean-Marie Mogetti, CEO of Coinshares.

"It is often referred to as the chain that was built up by financial service providers for financial services applications," he said in block works in an email. "Therefore, it is very attractive for [traditional finance] allocators that can project on several applications."

Coinshares consciously decided to put on such an ETP without “sacrificing the elegance of the underlying technologies”, the CEO added. The product is designed to share staking rewards of 3 % per year.

"It was out of the question to do this without being able to transfer a significant part of the staking rewards to our customers," said Mognetti. "We now have a way to handle the legal aspect and at the same time ensure daily liquidity in staking processes with asymmetrical unondenting periods."

on Solana it takes 3 epochs-or about 10 days-until the use is activated or deactivated, depending on The documentation of the blockchain . Asymmetrical unguting means that sufficiently defined assets should be deactivated at regular intervals so that the fund can hold sufficient liquidity for returns.

The announcement follows the introduction of FTX Access by FTX in the early this month to offer first consulting services, index products, trade execution, analysis tools and capital inventors for institutional investors.

ftx pointed out that it would also try to offer depots, derivatives, structured products and other asset management offers.

Sam Bankman-Fried, founder and CEO of FTX, said in a statement that Coinshares is "the obvious choice for the cooperation in institutional offers" and that he is looking forward to working with the company in future products.

Mogneti refused to comment on potential future products and initiatives that it could introduce with FTX.

partnerships are not uncommon for coinshares. The company, which manages assets of $ 3.8 million, increased its participation in Flowbank at the beginning of this month. The Swiss bank will offer a commitment to digital assets as well as functions such as holding, stucens and lends.

COINSHARES also put together with scalable capital last year, as the wealth manager Mobile app added a scalable crypto offer-supported by the physically secured ETPs of CoinShares.

Then his physical staked cardano ETP brought it to the German market earlier this month .

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The contribution Coinshares, FTX Team Up To Launch Solana ETP is not a financial advice.