Hong Kong’s securities regulator has just approved the first Solana (SOL) ETF, the third crypto-based ETF approved in the territory following Bitcoin and Ethereum. It also marks the first Solana ETF to be approved in Asia.
Solana is a high performance blockchain governed by its namesake cryptocurrency, which is gaining significant institutional traction as the blockchain is set to be among the biggest benefactors of traditional financial markets moving onchain.
Hong Kong’s Solana ETF approval front-runs a number of US-based ones that are awaiting SEC approval. These were expected to be approved this month but the US government shutdown has stalled the process.Hong Kong’s SOL ETF will start trading next week.
Solana Credit Card launches in the US
Meanwhile, the US-based cryptocurrency exchange Gemini has recently announced the launch of a Solana-branded credit card with an auto-staking feature for earned rewards. The card offers up to 4% back on purchases, with rewards paid instantly in crypto. Its auto-staking option allows Solana rewards to be automatically staked on Gemini’s platform, earning up to 6.77% annual percentage yield. This move is yet another signal of crypto going mainstream and being tied to use cases for payments. Solana’s speed and scalability makes it among the top blockchains of choice for payment solutions.
Tailor-made for financial markets
The total transactions executed on the Solana blockchain on a daily basis are about 14 billion, which incredibly exceeds the total transactions recorded in equities, bonds, commodities, and foreign exchange combined. Many analysts view the blockchain as being “tailor-made for financial markets.”