3iQ's Solana ETF in Canada selects Figment as its staking service provider.

The blockchain infrastructure provider Figment has been selected as the staking provider for the newly approved Solana ETF by 3iQ, highlighting Canada's ongoing efforts to adopt digital asset financial products.

The companies stated in a statement that Figment will allow staking in the form of an investment fund for the 3iQ Solana Staking ETF, which will launch on the Toronto Stock Exchange on April 16 with the stock code SOLQ. In addition to 3iQ, Figment also provides staking infrastructure solutions for over 700 clients.

The Ontario Securities Commission (OSC), the provincial regulator, greenlit 3iQ's SOL fund on April 14. This approval is also extended to other fund managers looking to offer SOL ETFs, including Purpose, Evolve and CI.

Bloomberg's ETF analyst, Eric Balchunas, once reported that funds are allowed to stake a portion of the SOL they hold through TD Bank, the second largest asset management organization in Canada.

According to information from the website, 3iQ estimates that their SOL fund will provide a yield of 6% to 8%.

3iQ leads Canadian crypto ETF funds as US regulators delay

As U.S. regulators continue to review various crypto-related funds, Canada has taken the lead in adoption since 2021. At that time, 3iQ launched its Bitcoin spot ETF, witnessing net assets almost immediately surpassing 1 billion USD.

It took nearly three years for the Bitcoin spot ETF to be approved in the United States. Like their Canadian counterparts, ETFs in the United States achieved remarkable success in their first year, generating over 38 billion USD in net inflows.

In October 2023, 3iQ launched an Ether-linked ETF, providing investors with direct access to the smart contract platform. Unlike the Ether ETFs approved by U.S. regulators in 2024, 3iQ's fund offers staking rewards.

Recently, U.S. regulators may be about to approve staking rewards after allowing exchanges to list options contracts linked to ETH.

You can see the coin price here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.

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