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Canadian Digital Asset Manager 3iQ Files Preliminary Prospects for First Solana ETP

3iQ, a digital asset fund manager based in Toronto, has initiated steps towards introducing a Solana (SOL) exchange-traded product (ETP) on the Toronto Stock Exchange (TSE). They have filed a preliminary prospectus for this fund, named QSOL, marking a significant move in the realm of cryptocurrency investments.

If regulatory approval is granted, QSOL would be the first ETP for Solana listed in North America. The product aims to provide investors with exposure to Solana (SOL) and will track its daily price movements against the USD. Additionally, it offers potential for long-term capital growth and includes opportunities to earn staking rewards generated by the Solana network, according to a press release from 3iQ.

Previously, 3iQ successfully launched Bitcoin and Ethereum funds, pioneering the first publicly-traded cryptocurrency funds in Canada.

Why Solana ETPs?

3iQ highlighted Solana’s impressive transaction speeds and scalability, positioning it as a strong contender following Ethereum in the blockchain ecosystem. The cryptocurrency has been attracting both developers and users due to its “proof-of-stake consensus mechanism,” which contributes to its appeal. Solana ranks as the second-largest smart contract platform by trading volume and market capitalization, underscoring its potential for exploration as an ETP.

With a market capitalization exceeding $60 billion, Solana stands as the fifth-largest cryptocurrency globally, trailing only Bitcoin, Ether, Tether, and Binance Coin. According to 3iQ, Solana’s robust infrastructure provides a fertile ground for the evolution of decentralized finance (DeFi) applications, making it a natural choice for the firm to structure into an ETP.

In-Line With Standard Chartered Prediction

Last month, Standard Chartered, a British multinational bank, anticipated that Solana could soon have its own ETFs. Geoffrey Kendrick, the Head of Forex and Digital Assets Research at Standard Chartered Bank, projected that cryptocurrency ETFs specifically for Solana might receive approval by 2025.

Kendrick pointed to the approval of Ethereum ETFs as establishing a precedent that could pave the way for other cryptocurrencies like Solana. Standard Chartered’s keen interest in the approval of crypto ETFs has sparked speculation and optimism within the industry regarding Solana’s future prospects.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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