GetBlock Magazine - What Happened? Crypto exchange Coinbase (NASDAQ:COIN) will become the custodian for North America's first exchange-traded product (ETP) based on the native blockchain token Solana (SOL) from Canadian digital asset manager 3iQ. 3iQ is currently awaiting regulatory approval to launch the product.
Source: X.com
What else is known? The fund, under the ticker symbol QSOL, will launch via an IPO on the Toronto Stock Exchange (TSX). Coins purchased by the fund on behalf of investors will be staked, allowing them to receive a passive income of 6-8%.
“As part of the partnership, 3iQ will leverage Coinbase’s institutional custody infrastructure to bring Solana staking to the Canadian ETP space,” the exchange noted.
3iQ currently manages the 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Staking ETF (ETHQ), as well as the closed-end funds The Bitcoin Fund (QBTC) and The Ether Fund (QETH). Also available to accredited investors is the 3iQ Global Cryptoasset Fund, a multi-currency fund whose portfolio includes Bitcoin, Ethereum, Solana, Stacks, NEAR Protocol, Render, Maker and Chainlink.
According to analysts at the investment company CoinShares, last week the outflow from crypto derivatives in Canada amounted to $14.9 million.
Coinbase is the custodian of 90% of all assets held in US spot Bitcoin ETFs, with $56.41 billion under management. At the end of May, it was selected by Grayscale as the custodian for the spot ETH-ETF. These products have not yet received regulatory approval, but in the future the exchange may also become the main custodian of assets for them.
In addition, Coinbase is already the second-largest validator of the Ethereum blockchain, which has raised concerns among some experts about centralization.
Amid the expectation of approval of spot ETH-ETFs in the United States, the head of the fintech company Ripple, Brad Garlinghouse, admitted that similar products based on XRP, SOL and ADA will appear on the market after them.
