VanEck Seeks To Offer SOL ETF In Germany

ByTroy Morris

Oct 16, 2021

VanEck is seeking to provide an ETF of Solana in Germany because considerable growth has been witnessed in its layer-1 protocol during the previous months. The mutual fund and ETF manager is now paving its way to get inside the world of cryptocurrency from another perspective. Presently, VanEck is providing a Bitocin-Tracker-Fund to give straight crypto exposure to qualified offshore as well as U.S. resident investors. In June, a scarcely-known issuer of crypto named “21Shares” has carried out the launch of an ETP (Exchange-Trade-Product) of Solana Exchange on a Switzerland-based SIX exchange.

Currently, VanEck has filed under the U.S. securities department (SEC) to issue an EFT within the country enabling direct investments into Bitcoin (BTC). Additionally, it has also applied for a strategy fund for Bitcoin to enable investment in the futures contracts of Bitcoin. In the recent month, it disclosed its intentions to bring a futures-based ETF of Ether nevertheless quickly extracted its application under the SEC. The digital-assets research’s head at VanEck named Matthew Sigel, stated that the production of the latest layer-1 operating platforms of smart contracts had been introduced during an extraordinary demand from the consumers regarding the transactions prices as well as the speed thereof as compared to that provided by Ethereum.

Almost “half-a-dozen” protocols of smart contracts are present containing a size, community engagement, and track record that can be compared to that of Ethereum, he specifically mentioned about Solana. He moved on to discuss that the concept of being able to carry out up to 50,000 transactions in the time of a mere second, being capable of competing Nasdaq, has the potential to properly protect any size of present assets, tokenize, and trade them simultaneously to utilizing the network of Solana in parallel, Sigel elaborated.

One of the “Multicoin Capital” collaborators named “Tushar Jain” revealed in the last Summit of Digital Assets (which was conducted in the city of New York) that across the whole world of DeFi (decentralized finance), Solana is positioned one among the big bets. At present, the exclusive status thereof places it at trading in returns for almost $158. This is challenging for the company as of this weekend. It was trading at an 11% lower point; however, during the week, it surged up to 9% more which took it to a 2% lower point, as described by CoinGecko. It unveiled that the firm is struggling hard to get back to its position following a blockage that was put on it by technical problems in the earlier phase of this week.

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