3iQ’s Canadian Solana ETF selects Figment as staking supplier

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 Change on April 16 beneath the ticker SOLQ, the businesses stated in an announcement. Along with 3iQ, Figment offers staking infrastructure options to greater than 700 purchasers.

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 way 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%, based on its web site.

Associated: Solana, XRP ETFs might appeal to billions in new funding — JPMorgan

3iQ leads Canadian crypto ETFs as US regulators drag their ft

As US regulators proceed to contemplate varied crypto-related fund choices, 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 web belongings virtually instantly.

It will 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 greater than $38 billion in web inflows.

In October 2023, 3iQ launched an ETF tied to Ether (ETH), giving traders direct entry to the good contract platform. In contrast to the Ether ETFs that US regulators permitted the next yr, 3iQ’s fund affords staking rewards.

As Cointelegraph lately reported, US regulators could also be on the cusp of approving staking rewards after they licensed exchanges to record choices contracts tied to ETH.