Zircuit Launches Mainnet Phase One with ZRC Airdrop Eligibility for 262,200 Addresses
August 6, 2024
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Zircuit has officially launched the first phase of its mainnet,…
Brazil’s CVM Approves World’s First Solana Spot ETF
Brazil’s Securities and Exchange Commission (CVM) has given the green light to the world’s first Solana spot ETF, marking a significant milestone in cryptocurrency investment. Managed by Vortx and offered by QR, this new investment vehicle positions Brazil as a leader in the crypto ETF space.
Currently, Solana-based Exchange Traded Products (ETPs) like the 21Shares Solana ETP (ASOL) in Switzerland and the CoinShares Physical Solana in Germany are available. However, this new ETF is the first of its kind globally that directly invests in Solana, providing investors with an alternative way to engage with this high-performance blockchain.
The pricing for the Solana ETF will be based on the CME CF Solana Dollar Reference Rate F, a reliable and transparent benchmark provided by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF). This index offers a standardized quote of Solana’s price, derived from transaction data across major cryptocurrency exchanges.
This data aggregation and processing method helps eliminate market distortions and anomalies, ensuring the index accurately reflects the weighted average price of Solana during a specific time frame. With rigorous methodologies to filter out atypical transactions and market anomalies, this benchmark aims to provide a reliable basis for the ETF.
The Solana spot ETF is still in its pre-operational phase and awaits final approvals from B3, Brazil’s main stock exchange. While no specific launch date has been set, the fund is expected to debut within the next 90 days.
While QR is leading the charge in Brazil with the launch of the first 100% Bitcoin and Ethereum spot ETFs, the global crypto market is closely watching this development. The successful launch of similar Bitcoin and Ethereum ETFs in the USA has fueled interest in Solana-based ETFs.
However, the approval process in the United States, led by firms like VanEck and 21Shares, faces regulatory hurdles with the SEC, unlike Brazil’s smoother approval process. Future developments, such as Canada’s 3iQ seeking to launch a similar product on the Toronto Stock Exchange, could influence further approvals in the US and beyond, potentially depending on shifts in the political landscape and regulatory attitudes towards cryptocurrencies.
Disclaimer: The projections and information presented here are for educational purposes only and should not be considered financial advice. CoinGrab.Asia assumes no responsibility for any losses resulting from the use of this data. Readers are encouraged to perform their own research and proceed cautiously before engaging in any related activities.
