Source: Cointelegraph Original: "{title}"
Blockchain infrastructure provider Figment has been selected as the staking service provider for 3iQ's newly approved Solana exchange-traded fund (ETF), highlighting Canada's ongoing efforts in adopting digital asset financial products.
According to statements from both parties, Figment will provide institutional-grade staking services for the 3iQ Solana (SOL) staking ETF, which is set to be listed on the Toronto Stock Exchange under the trading symbol SOLQ on April 16. In addition to 3iQ, Figment also offers staking infrastructure solutions for over 700 clients.
The Ontario Securities Commission (OSC) approved 3iQ's SOL fund on April 14. This approval also extends to other fund management companies seeking to offer SOL ETFs, including Purpose, Evolve, and CI.
Bloomberg ETF analyst Eric Balchunas reported at the time that these funds were allowed to stake a portion of their SOL holdings through Canada's second-largest asset bank, TD Bank.
Source: Eric Balchunas
According to 3iQ's website, its SOL fund is expected to provide a yield of 6% to 8%.
While U.S. regulators are still considering various crypto-related fund products, Canada has been at the forefront of adoption since 2021. That year, 3iQ launched its spot Bitcoin (BTC) ETF, which saw its net assets surpass $1 billion almost immediately.
The U.S. did not approve a spot Bitcoin ETF until nearly three years later. Like its Canadian counterparts, the U.S. ETF achieved significant success in its first year, with net inflows exceeding $38 billion.
In October 2023, 3iQ launched an ETF linked to Ethereum (ETH), allowing investors direct exposure to this smart contract platform. Unlike the Ethereum ETF approved by U.S. regulators the following year, 3iQ's fund offers staking rewards.
According to a recent report by Cointelegraph, U.S. regulators may soon approve staking rewards after authorizing the listing of options contracts linked to ETH on exchanges.
Source: James Seyffart
Related: SEC delays staking decision on Grayscale Ethereum ETF
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