By joining forces with Klin, a French company specializing in cryptocurrency staking, VanEck will allow its users to generate rewards through the staking of their Solana tokens (SOL).
Kiln helps VanEck to offer Solana staking to its users
This Tuesday, VanEck announced a partnership with Kiln, a French company specializing in staking. Through this collaboration, the asset manager will allow the staking of SOL tokens serving as collateral to its Solana ETN on European soil.
For VanEck, the objective is clear: strengthen the attractiveness of its financial products linked to Solana while offering SOL ETN holders access to staking rewards, just like investors staking their SOLs natively. This is why it approached Kiln, a serious player in the crypto industry which has already established partnerships with the Coinbase exchange and the Babylon staking protocol.
🔎 Everything you need to know about cryptocurrency staking
As VanEck points out, investors can already take advantage of the staking process and glean their first rewards :
Investors in the VanEck Solana ETN do not have to take any additional steps themselves. VanEck ensures that the Solana tokens on which the ETN’s collateral is based are delegated to a validator via the custodian and are used for staking. The delegated SOL tokens remain in cold storage at the custodian. The rewards thus generated are reinvested daily in Solanaafter deduction of a commission for the benefit of the ETN.
For Matthew Sigel, VanEck’s head of digital assets research, “ staking rewards will soon become a must-have for financial products linked to Solana in Europe “.
Coinbase: register on the most famous crypto exchange in the world
Will VanEck get SEC approval to offer a spot SOL ETF?
In addition to the launch of staking for Solana, VanEck's year 2024 was marked by the filing of an application for a Solana spot ETF in the United States, the first of its kind. This request was followed by that of 21Shares, one of VanEck's competitors.
If these 2 companies have decided to submit their applications in order to offer their spot SOL ETFs on American soil, it is because the spot Bitcoin ETFs launched in January attracted many investors.
Moreover, these investment products continue to attract them, as evidenced by the day of October 29 which takes place as the 3rd best day ever recorded by spot BTC ETFs since their launch.
For spot Ethereum ETFs arriving in July, the results are more mixed, proving that investors are interested in the most robust cryptocurrencies in the ecosystem. However, these ETFs are far from being neglectedleaving the door open for the launch of Solana spot ETF.
👉 What is a spot Bitcoin ETF?
However, Securities and Exchange Commission (SEC) highly unlikely to grant approval for 21Shares and VanEck's SOL spot ETF applicationsat least for now. Indeed, the American financial policeman considers Solana as a potential securitywhich is slowing down SOL spot ETF projects in the United States.
For some analysts, the results of the American presidential elections of November 5 will impact the potential approval of these requests. If Donald Trump wins, the way to pro-crypto regulation could opengiving companies a chance to increase approval requests for their ETFs.
Cryptoast Academy: Don’t waste this bull run, surround yourself with experts
Source: Press release
The #1 Crypto Newsletter 🍞
Receive a summary of crypto news every day by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
162 items
