Canadian Digital Asset Manager 3iQ Files Preliminary Prospects for First Solana ETP
The Canada-based crypto investment company already has a fund focused on Bitcoin (the king of cryptocurrencies). Also, We already have Bitcoin and Ethereum spot exchange-traded funds (ETFs) listed on the stock exchange. Just a crypto fund from Toronto turned the tide in the past days when they decided to plan a next ETF that lists Solana.
3iQ’s Move Towards Solana ETP
3iQ, an investment manager that deals with digital assets, has a draft filed for the Solana (SOL) exchange-traded product (ETP) on the Toronto Stock Exchange (TSE) which is a new and different name to be seen on the regular stock exchange with.
3iQ, the pioneer Canadian digital asset fund manager, submitted the prospectus for QSOL – the proposed fund. The acceptance of the fund by the regulatory bodies would address the demand for a SOL ETP in the North American market.
Basically, the ETP aims to offer access to the altcoin by tracking the daily changes in the price of SOL/USD. What’s more, the product is made in such a way as it should both give an opportunity for long-term capital growth and involve staking yield, as revealed in a 3iQ’s official statement.
A History of Crypto Fund Launches
When 3iQ, a company that has been working in the crypto market thus far, first began their idea of crypto funds it was a future pioneer in the digital age. They were the first publicly traded crypto funds in Canada that were launched with Bitcoin and Ethereum as their trading partners.
Why Solana ETPs?
3iQ on the other hand thinks that Solana really sets itself apart from the other projects primarily due to its promising blockchain readia and the fact that it operates much faster than Ethereum which is considered its big competitor. Solana has become the second-largest smart contract platform by trading volume and market cap and has been successful in attracting blockchain developers and users with its proof-of-stake (PoS) consensus mechanism. These features enable us to dig further into SOL ETPs.
Solana is the cryptocurrency after Bitcoin (BTC), Ether (ETH), dollar-pegged Tether (USDT), and Binance Coin (BNB) by market cap. Its market cap is over $60 billion now.
The wording “Solana offers a robust environment for the next generation of decentralized finance (DeFi) applications and is the natural next choice of digital asset for 3iQ to structure into an ETP,,” was released by the company.
In-Line With Standard Chartered Prediction
At the end of last month, the British bank, Standard Chartered, foresaw Solana to be a candidate for its ETFs. Geoffrey Kendrick, who is Head of Foreign Exchange and Digital Assets Research at Standard Chartered Bank, is of the view that crypto ETFs for Solana could be approved from 2025. Geoffrey Kendrick has also observed that the decision of the Securities and Exchange Commission (SEC) to green-light Ethereum ETFs is the basis for the permission of other digital currencies like Solana. The rumor of the equality of the bank to that of crypto ETFs approval is making rounds around Solana.
