Solana Spot ETF could the center stage as the new hot topic in the crypto world soon. The first Solana spot ETF is on its way to be introduced in North America by SOLWealth, a federal organization based in Canada. The debut of Solana ETF comes at a time when market confidence in the crypto world has increased after the introduction of Bitcoin ETF.

Solana Spot ETF to Follow Bitcoin’s Footsteps?

The recent introduction of U.S. Bitcoin spot ETFs has heightened interest in cryptocurrency exchange-traded funds (ETFs). The surge in demand and investor confidence has led to many market participants trying to mint on the demand. SOLWealth plans to take advantage of this positive momentum by soon submitting a prospectus for a Solana spot ETF to Canadian authorities.

“We have methodically prepared our application to register the firm as Investment Fund Manager. We are also in the process of finalizing partnerships with suppliers to support our efforts, as an ETF involves collaboration with multiple parties,” stated CEO Francois Soto.

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Solana Spot ETF to Provide Variety to Investors

Many applications have been made in response to the popularity of US Bitcoin ETFs, which have amassed an astounding $53 billion this year, including those from Fidelity Investments and BlackRock Inc.

A Solana Spot ETF, on the other hand, would only concentrate on SOL tokens (assuming and when permitted). Thus, the inherent diversity of a regular ETF would not be available with a Solana ETF. Instead, a Solana ETF would provide a focused means of being exposed to Solana’s performance in particular.

Among blockchain platforms, Solana is notable for its low transaction costs and scalability. With a market valuation of $60.2 billion, SOL has the second-highest chance of being approved as an ETF, behind Ethereum. SOL is currently $134.6 in price. By utilizing parallel processing and other scaling techniques, Solana seeks to achieve fast transaction speeds. This makes the platform more capable of supporting larger projects and applications. It is functionalities like these that will likely provide investors with a variety in ETF markets, thus gaining Solana ETF more traction.

Read Also: Will Hong Kong Crypto ETFs Outpace US on First Trading Day?

The post SOLWealth to Launch Solana Spot ETF Amid Demand Surge appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am