DeFi Technologies Subsidiary Gets Nod to List Solana ETP on Frankfurt Exchange
The Valour Solana ETP has begun trading on the German exchange Boerse Frankfurt Zertifikate
Building of Stock Exchange in Frankfurt, Germany. Credit: Shutterstock
key takeaways
- A new exchange traded product that tracks the price of Solana’s native crypto has begun trading on the German exchange Boerse Frankfurt Zertifikate AG under the identification number A3GU9Y
- The ETP provides traditional investors exposure to the crypto within a regulated and “fully backed” environment
A subsidiary of crypto firm DeFi Technologies has been given the green light by the Boerse Frankfurt Zertifikate AG to list an exchange-traded product (ETP) that tracks the price of Solana’s native crypto (SOL).
Valour’s Solana ETP began trading Tuesday under the German securities identification number A3GU9Y, according to a press release on Monday. The ETP directly tracks the price of SOL by calculating the arithmetic mean price from major crypto exchanges.
A listing such as this gives traditional investors a means to edge their way into the crypto industry by alleviating certain risk concerns due to the exchange’s regulated structure.
Claiming to be “fully backed at all times,” Valour said it achieves this by purchasing or selling an equivalent amount of the underlying for every Valour ETP that is bought and sold on the Boerse or another exchange.
The product provides an investor exposure to SOL that can be bought directly from their bank or broker. ETPs are financial products that invest in or provide exposure to a variety of securities and are traded on an exchange.
A reference price for the Solana ETP is set by using the average price of the underlying SOL/USD from the four most liquid exchanges on the market. The dollar value of SOL/USD is then calculated into euros, according to a market fact sheet.
The listing extends Valour’s recently launched Metaverse and Gaming Index ETP that tracks the top five digital assets related to the virtual world. Indeed, Europe appears to be making significant headway ahead of other regions in crypto ETP listings, following multiple companies’ products on various exchanges around the continent.
“We look forward to continuing to provide investors access to industry-leading ETP’s on regulated exchanges throughout Europe,” said Defi Technologies CEO Russell Starr. “We also look forward to introducing several new products in the coming days and ultimately launching all our products on the Euronext exchange, the fourth largest exchange in the world.”
[stock_market_widget type=”inline” template=”generic” assets=”SOL-USD” markup=”{name} ({symbol}) is trading at {price} ({change_pct}).” display_currency_symbol=”true” api=”yf”]
[stock_market_widget type=”accordion” template=”chart” color=”#5679FF” assets=”SOL-USD” start_expanded=”true” display_currency_symbol=”true” api=”yf” chart_range=”1mo” chart_interval=”1d”]
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
