VanEck Seeking to Offer Solana ETF in Germany

UTC by Patrick Kariuki · 2 min read
VanEck Seeking to Offer Solana ETF in Germany
Photo: Depositphotos

VanEck is preparing for the Solana-backed ETF through a listing in Germany, thanks to the growth of the layer-1 protocol in the recent past.

VanEck, an ETF and mutual fund manager, now wants to enter the crypto space differently. Currently, the mutual fund manager runs a “Bitcoin Tracker Fund” that provides accredited and qualified investors, both offshore and US investors, an opportunity for direct exposure to cryptos. VanEck is set to issue a Solana ETF in a Germany listing. Blockworks sent a request for commenting on that plans for the market in Germany to both VanEck and  Sam Bankman-Fried, an old investor in Solana. The request was sent through Alameda Research however, no response was forthcoming.

Earlier in the year (June), 21Shares, which is not as popular, launched  Solana ETP (Exchange Traded Product) via SIX Exchange in Switzerland. Currently, VanEck’s application is pending at the US SEC. The application indicates that VanEck is seeking to enter the US market and launch an ETF that invests in BTC. Additionally, VanEck has also filed to have a BTC strategy fund that will make investments in BTC futures. Last month, VanEck revealed its plan of marketing futures-based ethereum ETF. However, the application with the SEC was quickly withdrawn.

In an interview with Blockworks, Matthew Sigel who is the digital assets research head at VanEck, said that the demand for competitive L-1 smart contracts that have cheaper transaction fees, faster and throughput compared to the ethereum network have come up in the right time. Matthew Sigel added that there are many L-1 smart contract protocols, including Solana, that have all the required features to compete and rival the ethereum network in the future.

Sigel further explained that the idea of a protocol with the capability of processing 50,000 transactions per second, rivaling Nasqad, makes it possible to securitize any amount of existing assets, trade, and tokenize them via the Solana network.

Another person who praised Solana was Jain Tushar, a partner and manager at Multicoin Capital. During a recent meeting dubbed “Digital Assets Summit” that was held in New York, he revealed that Solana was one of Multicoin’s favorites on DeFi. Currently, Solana is going for $158 which, a 2% weekend decrease and a decrease of 11% for the whole week. This is according to Coingecko. Following the technical challenges experienced last week, Solana is struggling to gain confidence in the market.

Altcoin News, Blockchain News, Cryptocurrency news, Funds & ETFs, Market News
Patrick Kariuki

Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.

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