Investment fund management company 3iQ announced on Thursday that it has submitted a listing application in Canada, seeking to launch North America's first Solana exchange-traded product (ETP).

According to a statement issued by 3iQ, the ETP called “Solana Fund” will allow Canadian investors to gain access to SOL without the need to use hot wallets or other blockchain-related technologies.

Editor's note: ETP generally refers to investment funds traded on stock exchanges, including various types of products, such as exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs).

If approved, the fund will be listed on the Toronto Stock Exchange under the trading symbol "QSOL". Greg Benhaim, executive vice president of products and trading at 3iQ, said:

As a pioneer in digital asset investment management, we look forward to continuing our mission of providing regulated investment vehicles – embodying the highest standards and working with top partners – that enable individual and institutional investors to efficiently access the crypto asset class.

It's unclear when the Solana Fund, if approved, would open to investors.

Canadian authorities have approved the listing of Bitcoin and Ethereum spot ETFs as early as 2021, a full three years ahead of the United States. As demand for diversified investment options in cryptocurrencies continues to increase, if the Solana ETP succeeds in Canada, it is expected to pave the way for similar products to be launched in the United States, Europe and other places.

Solana (SOL) is currently the 5th largest cryptocurrency with a market capitalization of $61.4 billion, according to CoinGecko data.

〈Canada takes first place again? 3iQ applied to list "North America's first Solana ETP" on the Toronto Stock Exchange. This article was first published on "Block Guest".