Blockchain infrastructure supplier Figment has been chosen because the staking supplier for 3iQ’s newly permitted Solana exchange-traded fund (ETF), underscoring Canada’s continued efforts towards adoption of digital asset monetary merchandise.
Figment will allow institutional staking for the 3iQ Solana (SOL) Staking ETF, which launches on the Toronto Inventory Alternate on April 16 underneath the ticker SOLQ, the businesses mentioned in an announcement. Along with 3iQ, Figment supplies staking infrastructure options to greater than 700 shoppers.
The Ontario Securities Fee (OSC), a provincial regulator, green-lighted 3iQ’s SOL fund on April 14. The approval was additionally prolonged to different fund managers in search of to supply SOL ETFs, together with Objective, Evolve and CI.
As Bloomberg ETF analyst Eric Balchunas reported on the time, the funds are permitted to stake a portion of their SOL holdings by means of TD Financial institution, Canada’s second-largest monetary establishment by belongings.
Supply: Eric Balchunas
3iQ estimates that its SOL fund will present yields of between 6% and eight%, in keeping with its website.
Associated: Solana, XRP ETFs may attract billions in new investment — JPMorgan
3iQ leads Canadian crypto ETFs as US regulators drag their toes
As US regulators proceed to consider various crypto-related fund offerings, Canada has been main the curve in adoption going again to 2021. That was the yr that 3iQ debuted its spot Bitcoin (BTC) ETF, which crossed $1 billion in internet belongings virtually instantly.
It might take practically three extra years earlier than spot Bitcoin ETFs had been permitted in the USA. Like their Canadian counterparts, the US ETFs noticed overwhelming success of their first yr, producing more than $38 billion in net inflows.
In October 2023, 3iQ launched an ETF tied to Ether (ETH), giving traders direct entry to the good contract platform. Not like the Ether ETFs that US regulators permitted the next yr, 3iQ’s fund provides staking rewards.
As Cointelegraph recently reported, US regulators could also be on the cusp of approving staking rewards after they approved exchanges to listing choices contracts tied to ETH.
Supply: James Seyffart
Associated: SEC delays staking decision for Grayscale ETH ETFs
