Canadians may be one step closer to having easy exposure to Solana following the application of home-based investment firm 3iQ to launch the first-ever Solana exchange-traded product (ETP) in the country.
3iQ Solana ETP to Simplify Crypto Investment
The proposed ETP, dubbed the Solana Fund (QSOL), would trade on the Toronto Stock Exchange (TSX), allowing Canadians to invest in Solana (SOL) without the need for complex blockchain interactions. Usually, investing in cryptocurrencies requires using hot wallets or other blockchain-based technologies. For new investors especially, achieving this can prove to be a huge task as they are usually unfamiliar with the terrain. So, that is what 3iQ sets out to change with its Solana Fund.
In a statement, the firm confirmed that, if approved, QSOL would provide a secure and familiar avenue for Canadians to participate in the SOL market. 3iQ’s ambition with the fund is captured in a statement issued by Greg Benhaim, the executive vice president of product and head of trading at 3iQ. The statement reads partly:
“We look forward to delivering regulated investment vehicles that embody the highest standards.”
Good Momentum for Proposal, But Approval Timeline and Market Impact Remain Unclear
Notably, this move by 3iQ builds on Canada’s history of encouraging crypto-focused investment avenues such as this one. In 2021, Canadian regulators gave the nod for spot Bitcoin and Ether ETFs such as Purpose Ether ETF and CI Galaxy Ethereum ETF. That is, about three years before the United States gave similar approvals. Such open-mindedness did well to confirm Canada as one of the top locations around the world to embrace innovative financial products within the crypto space.
Despite this positive outlook on the proposed ETP, there might still be a little catch. Although the proposed Solana Fund is a giant stride for Canadian crypto investors, the timeline for its approval from regulators remains uncertain. Besides, the impact on the broader SOL market is also difficult to predict. However, the potential for a regulated and accessible Solana investment vehicle could certainly fuel further interest in the crypto within Canada. Therefore, 3iQ’s proposal is a welcome development for not only Canadian investors but also the future of Solana adoption.
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