The post VanEck Executive Reveals Firm Filed Spot Solana ETF (ETFS) appeared on BitcoinEthereumNews.com.

In a groundbreaking development for the cryptocurrency market, global asset management company, VanEck, has filed for a Spot Solana Exchange Traded Fund (ETFS).  Matthew Sigel, VanEck’s head of research has outlined several compelling reasons driving the firm’s decision to file for a Spot Solana ETF.  VanEck Provides Reasons For Filing A Spot Solana ETF In an X (formerly Twitter) post on June 27, Sigel shed light on VanEck’s reasons for filing a Spot Solana ETF. He first commemorated the major milestone, emphasizing that VanEck has filed the first-ever Solana ETF in the United States (US).  Moving forward, Sigel disclosed that Solana (SOL) was a major competitor to Ethereum, the world’s largest altcoin.  He delved deep into the cryptocurrency’s functionalities and diverse use cases, highlighting that SOL was one of the few cryptocurrencies that stood out in the blockchain ecosystem due to its unique technological architecture.  The VanEck head of research stated that SOL was an open-source blockchain which operated as a single global state machine without the need for sharding or layer 2 solutions.  As a result, the blockchain’s unique design allowed it to achieve high scalability and speed, processing thousands of transactions every second.  He disclosed that Solana’s blockchain network effectively handles a high volume of transactions at a very moderate cost while employing a Proof of History (PoH) and Proof of Stake (PoS) consensus. This capability has been one of the major appealing factors in VanEck’s decision to file a Solana ETF.   Sigel also emphasized that the combination of “high throughput, low fees, robust security, and a strong, vibrant community” makes SOL an attractive choice for an ETF.  He highlighted that the potential launch of a SOL ETF will effectively expose investors to a versatile, innovative, open-source ecosystem.  Currently, VanEck’s Solana ETF filing is still awaiting approval from…

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Filed under: News - @ June 29, 2024 8:10 am