Solana.
A picture of Jakub Porzycki/Nur Photo.
Grayscale Investments is launching a product that will solely and passively invest in solana to ride on the eye-popping gains the criptocurrency has seen since the beginning of the year.
Individual and institutional investors can invest in the Grayscale Solana Trust.
It will be similar to Grayscale's other single-asset investment trusts, including ones that provide exposure to the likes of litecoin. The annual fee of 2.5% is charged by the Solana Trust.
The smart-contract platform ethereum has been plagued by high fees and slow transactions and is seen as a competitor to Solana.
Its native token, also called solana, is now the fourth-largest cryptocurrencies with a market cap of over $65 billion and has returned more than 10,000% year-to-date.
Michael Sonnenshein, CEO of Grayscale, told Insider that Solana is a great on-ramp for people looking to buy NFTs, Defi, or various applications being built on top of it.
He said that the users can learn, experiment, and build in a way that is more cost-effective than other networks.
In November, solana became the third asset to have a price tracker on its own. The new index was launched by the two companies.
Sam Bankman-Fried, founder of FTX, has said in the past that solana has the capacity for mass adoption.
As of November 26, Grayscale Investments had more than $50 billion in assets under management.
Business Insider has an original article.
