21Shares to Launch World’s First Solana ETP on SIX Swiss Exchange

European regulators are increasingly willing to list various cryptocurrency ETPs.

Swiss investment products provider 21Shares will launch the world’s first Solana exchange-traded product (ETP), trading under the symbol ASOL, which will be listed on the main Swiss stock exchange SIX starting Tuesday.

The ETP will track the performance of SOL, the Solana blockchain’s native token. SOL is currently the 15th largest cryptocurrency with a market capitalization of nearly $8 billion, according to Bittorrent terminal data.

1Shares

The Solana ecosystem is backed by Sam Bankman-Fried, CEO and founder of crypto derivatives exchange FTX and Alameda Research.

Earlier this month, Solana Labs, the team behind Solana, raised $314 million in a token sale co-led by Andresseen Horowitz and Polychain Capital.

The 21Shares ETP will give investors access to the Solana blockchain with high throughput, with each ETP backed by 0.667 SOL at launch and a base fee of 2.5% per year. coinbase Custody is the primary custodian of the SOL ETP.

1Shares

As the crypto asset class grows in popularity, European regulators are increasingly willing to list various cryptocurrency ETPs. due to increased demand, 21Shares launched ETPs for local cryptocurrencies on the Stellar and Cardano blockchains in April.

In a statement, 21Shares CEO Hany Rashwan said, “These new ETPs meet customer demand and we expect to add two new crypto ETPs and open up new trading venues in the coming months.”

Solana ETPs will also be available on the Stuttgart and Dusseldorf multilateral trading markets (MTF) in Germany.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/21shares-to-launch-worlds-first-solana-etp-on-six-swiss-exchange/
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