21Shares, the investment product provider based in Switzerland is introducing the first Solana ETP in the world. On Tuesday, the vehicle that is changing hands under the ASOL ticker is going live.

21Shares or Amun Said Solana ETP Will Be Listed on Swiss Six

The CEO and Founder of FTX, the crypto derivatives exchange, and Alameda Research, Sam Bankman-Fried backs the Solana ecosystem. 

Talking further about Solana, it is the 14th largest cryptocurrency at present with a market capitalization of around $8 billion in accordance with the data revealed by leading market aggregators.

Earlier this month, the team behind the Solana network, Solana Labs managed to raise $314 million in a token sale which was led by Polychain Capital and Andreessen Horowitz.

The 21Shares ETP will be providing its investors with exposure to the Solana blockchain and track the performance of its SOL token with each unit of the exchange-traded product backed by 0.667 SOL at the launch with a base fee of 2.5% per annum.

Discussing further the structure of the Solana ETP, it is physically pledged, segregated, and replicates 1:1 the tracking of the crypto asset.

Coinbase Appointed as Main Custodian of SOL ETPs

Hany Rashwan, the CEO of 21Shares said:

“These new ETPs deliver what clients asked for. We expect to add two new crypto ETPs in the next months together with new listing and trading venues.”

In addition to this, it should be noted that the Solana ETP will also be made available on the Stuttgart and Dusseldorf multilateral trading facilities in Germany.

Moreover, the European regulators have been showing interest to list a broad range of cryptocurrency exchange-traded products as the asset class grows in popularity.

In the month of April, witnessing the increase in demand, 21Shares launched ETPs for the native cryptocurrencies of the Stellar and Cardano blockchains.