Crypto exchange FTX and digital asset manager CoinShares have just announced the launch of an exchange-traded product (ETP) based on the Solana blockchain on Xetra's Deutsche Börse structure.
The investment instrument, which will receive the ticker SLNC, will reportedly have an initial asset amount of 1 million SOL.
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Investors will be able to count on a 3% share reward while enjoying a 0% management fee.
According to the press release:
"Staked coins do not move from the secure custodian where they are stored, and the ETPs remain 100% physically-backed at all times."
The launch of the Solana-based ETP will be the fourth CoinShares ETP launched in 2022. Prior to this, the company announced the emergence of products with physical security based on Polkadot, Tezos and Cardano.