Figment Crypto Staking | Solana ETPs on SIX Swiss Exchange Next Week

 

Figment Crypto Staking

Figment Europe Ltd, a leading provider of institutional staking infrastructure, has collaborated with Apex Group to introduce two new exchange-traded products (ETPs) on the SIX Swiss Exchange set to debut on 12th March.

The "Figment Ethereum Plus Staking Rewards" ETP will be traded under the symbol "ETHF," while the "Figment Solana Plus Staking Rewards" ETP will be listed as "SOLF." These offerings are fully secured by Ethereum and Solana respectively, utilizing Figment's robust staking infrastructure.

Issued in partnership with Issuance.Swiss AG, these ETPs will facilitate access to staking rewards through traditional brokers or banks, thereby enabling conservative institutions to engage with the asset class via ETPs.

Both Ethereum and Solana ETPs will track an index provided by MarketVector, which evaluates the price performance of ETH alongside the staking rewards generated by the product, leveraging Figment's rewards indexing capabilities.

Institutional investors have shown an "unprecedented demand" for crypto ETPs, with Figment highlighting the ongoing challenge for institutions to directly purchase crypto and engage in staking activities.

Eva Lawrence, Head of Figment Europe, expressed the company's commitment to addressing this demand: "We remain committed to meeting the unprecedented demand we are witnessing from institutional investors seeking staking exposure."

Josh Deems, Institutional Business Development Lead for Figment, noted the surge in popularity and interest in ETH and SOL, emphasizing the significance of ETPs in enhancing accessibility to staking rewards for a broader audience.

In the European market, the approval of nearly a dozen spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities Exchange Commission (SEC) has fueled a bull market and trading frenzy.

European issuers have successfully listed numerous cryptocurrency ETPs over the years, providing investors with exposure to assets like Bitcoin and Ethereum. Notable providers in Europe include CoinShares, 21Shares, WisdomTree, ETC Group, Valour, and Fidelity.

It's important to distinguish between crypto ETPs and ETFs. While the term "ETF" is commonly used in the U.S. for exchange-traded products replicating the performance of an underlying asset, European regulations necessitate the use of the term "ETP" for single assets like bitcoin or smaller asset baskets.

CoinShares, for example, offers the Europe-listed CoinShares Physical Ethereum ETP (ticker: ETHE/CETH), which provides investors with a 1.25% staking reward per year as announced in February.