DeFi Technologies Launches Solana ETP on Nordic Exchange (NGM)

DeFi Technologies Launches Solana ETP on Nordic Exchange (NGM)
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DeFi Technologies has launched a Solana exchange-traded product (ETP) on the Nordic Growth Market stock exchange (NGM) through its subsidiary, Valour Inc.

According to a press release by Toronto-based DeFi Technologies on Thursday, September 16th, the new exchange-traded product (ETP) launched by Valour Inc., a subsidiary of the company and issuer of investment products focused on digital assets, will enable “institutions and individuals to invest in the SOL token as easily as buying shares from their bank or broker.”

The product called Valour Solana (SOL) SEK is listed on the Nordic Growth Market stock exchange (NGM), a regulated stock exchange based in Stockholm, Sweden, under the ticker VALOUR SOLANA SEK. The trading for the Valour Solana ETP has already begun on Thursday, September 16th.

According to the company, Solana Valour ETP product will be available in Swedish Krona (SEK), the official currency of Sweden. The product will enable investors to gain exposure to SOL, the native cryptocurrency in Solana’s ecosystem, simply and securely, and will be available for purchase via banks or brokers in the same way as any other security.

The company said that the Valour Solana ETP would remove the complexity and costs of trading and custody of SOL that have thus far impeded mainstream adoption of digital assets and decentralized finance. The announcement reads:

“By gaining exposure to digital assets via Valour, DeFi Technologies’ investors benefit from the standardization, risk reduction, and operational efficiency of a centrally-cleared product listed on a regulated stock exchange. For each ETP of Valour that is bought and sold on the NGM or other exchanges, Valour purchases or sells the equivalent amount of the underlying digital assets, meaning the ETPs are fully backed at all times.”

$SOL is in Limelight

The native coin of the Solana blockchain is in limelight because of the recent rally that has brought the coin’s price from around $35 on August 1, 2021, to the all-time high (ATH) of $214.96 on September 9, according to the data shown by CoinMarketCap. Thanks to this rally, Solana is now among the top 10 crypto assets, currently occupying the 7th spot with a market cap of more than $44 billion.

Inspired by these massive 500% gains in one and half months, businesses are rushing to share their part in this SOL rise. As Crypto Economy reported, last week, Osprey Funds, a crypto asset management firm based in Tarrytown, New York, launched the US’ first-ever Solana investment fund, Osprey Solana Trust, for private placement.

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