21Shares AG launches Solana ETP for crypto on Swiss Stock Exchange
By Joy Dumasia
21Shares AG, the issuer of crypto Exchange Traded Products (ETPs), is launching the world’s first Solana ETP on the regulated market of the Swiss stock exchange on Wednesday, June 30th 2021, further boosting 21Shares as the leading issuer of crypto ETPs.
Solana is an open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The idea and initial work on the project began in 2017; Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland, headed by developer Anatoly Yakovenko.
Solana is known in the cryptocurrency space because of the short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well. One of the innovations Solana brings to the table is the proof-of-history consensus.
Solana’s main promises to customers are that they will not be surprised by increased fees and taxes. In addition, the protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing, to which the 21Shares’ Listing committee concluded to launch the underlying asset as an ETP.
Despite the recent volatility markets, 21Shares have gathered more than $55m in net institutional inflows in June alone across all its ETPs.
Hany Rashwan, CEO 21Shares AG, says: “Following an active review to extend our innovative and forward-thinking asset launches, we are on track to deliver more new ETPs demanded by clients, and as a result, we remain the market-leading crypto ETPs issuer of choice. European institutions continue asking us for simple and effective access to these new blockchain technologies, which we can deliver based on our successful track record. These new ETPs deliver what clients asked for, and we expect to add two new crypto ETPs in the next months together with new listing and trading venues.”
Recently, IBS Intelligence reported that 21Shares had selected CryptoCompare, the digital asset market data specialist, to provide settlement pricing for all of its single asset ETP data effective June 1st 2021. The company aims to expand its European banks, asset managers, brokers and exchanges, enabling market participation.
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