Regulation
Canada launches first Solana ETF!
11.33am ▪ 3 minute read ▪ by Eddy S.
In a significant development for the cryptocurrency market in Canada, digital asset manager 3iQ has filed an application to list a Solana-based exchange-traded fund (ETF) on the Toronto Stock Exchange (TSE). This initiative marks the first time a similar Solana-related financial product has been offered in North America.
The Solana ETF arrives in Canada!
The Solana ETF will be listed under the symbol QSOL and will give shareholders exposure to the SOL cryptocurrency! But also the opportunity to benefit from native bet returns of the Solana blockchain. Staking returns are estimated between 6% and 8%! This represents an attractive opportunity for investors looking to generate passive income while participating in the security and stability of the Solana network.
The QSOL filing was made on a preliminary prospectus with securities regulators. And this is in all Canadian provinces and territories, except Quebec. If approval is grantedQSOL will offer exposure to the SOL cryptocurrency and the daily price movements of SOL in US dollars.
Coinbase Custody and Tetra Trust will act as custodians. While Coinbase Custody will provide an exclusive institutional staking infrastructure for the Solana fund. This ensures greater safety and reliability for investors who wish to engage in the cryptocurrency sector via a regulated investment vehicle.
Canada: A Pioneer in Cryptocurrency Innovation?
Canada has been a pioneer in approving cryptocurrency ETFs! Having launched the world’s first spot ETFs on Bitcoin and Ethereum in February and April 2021. QSOL’s approval could pave the way for other financial products based on lesser-known cryptocurrencies. Thus offering wider diversity and greater inclusion in the traditional financial market. This could push other countries, including the United States, to also consider similar approvals, thus increasing the legitimacy and acceptance of cryptocurrencies on a global scale.
3iQ’s initiative to launch the first Solana ETF in Canada This is an important development! This could transform the cryptocurrency investment landscape and open up new avenues for financial innovation.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavering universe. The crypto community manager at the base interests me in everything that touches or comes close to the blockchain and its derivatives. With a view to sharing my experience and getting to know a domain that I am passionate about, I am the one who writes informative and décontractés a la fois articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.