VanEck, a crypto-friendly asset management firm, has teamed up with Kiln in order to start staking SOL. The pair exclusively revealed this information to Lightspeed.
Kiln offers enterprise stake services that integrate with companies like Coinbase or Babylon.
VanEck is now offering regulated solana staking reward access on top of SOL. VanEck, one of the few European firms that offer regulated funds for solana investments.
In 2024, crypto has seen a strong market, and this was partly due to the US’s approval of the spot bitcoin exchange-traded funds (ETFs). The products — which give investors exposure to bitcoin’s price in a regulated wrapper — have already seen tens of billions-worth in inflows since getting the SEC’s approval in January. Trading ETFs was a major factor in driving bitcoin’s new high for this year. It is the only crypto that has achieved a record-breaking mark this cycle.
The second cryptocurrency to receive an ETF was less impressive, but ether ETFs have also been approved. Even so, the altcoin eco-systems hope to get a piece of that ETF magic. Firms have lined up in support of what appears like a logical new crypto ETF, called Solana.
VanEck, 21Shares and others applied to the SEC for SOL spot ETFs in this summer. However, talks are reportedly on hold due to SEC concerns about solana being a security. They were portrayed as a wager on Trump winning and for a more crypto friendly regulatory regime to take over in 2025.
The main market for solana products regulated at the moment is Europe. 21Shares’ solana ETP is the third biggest in Europe according to Etfbook.com, with more than $1 billion under management. CoinShares’ and Valour’s solana ETPs also have around $300-million in AUM.
VanEck’s European Solana Fund is a smaller fund, with an AUM of around $84 millions. Addition of staking reward via Kiln is a possible way to boost that figure. Note that none of the US applications for solana ETFs contained staking incentives after ether ETFs approved had their staking removed.
Matthew Sigel from VanEck, head of research for digital assets at VanEck told me the staking reward will be an important factor in solana exchange traded products (ETPs) across Europe. In the US “tell me who wins the election” Sigel first said it in a personal message.
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