Offering investment products of Tier 1 protocols such as Bitcoin, Polkadot, Algorand, New York-based Osprey Funds company has officially launched the investment product of SOL, the crypto money of the Solana blockchain.
Accredited investors can now invest at least $10,000 in the Osprey Solana Trust. Osprey, who is stated to have played an important role in another digital investment company Grayscale with the Solana fund, will also not receive a custody fee from its customers until the first month of 2023 for this fund.
“Solana super fast and cheap”
Regarding the officialization of the Solana fund, Greg King, CEO of Osprey Funds, said, “We are in the process of first launching funds for Tier 1 protocols that we think are promising. Solana is one of the best examples of this with its low transaction fees and extremely fast transaction speed.
“We saw that the platform is integrated into the NFT industry”
CEO King also stated that they decided to create the Solana fund after consulting with the Solana team, saying:
“At Osprey, we were convinced to launch this product after meeting with the Solana team in Miami in June. We have seen the platform integrate into the booming NFT industry. There are also many applications with great potential on Solana. Therefore, when we look at it, this step in terms of product development was quite logical for us. The announcement of the FTX exchange that it will allow the products in the newly opened NFT market to be traded on Solana and Ethereum, I think, increased the demand for Solana.”
As is known, Anatoly Yakovenko, the founder and CEO of Solana, introduced the “proof of history” to the blockchain, which creates an algorithmic solution for time-based transactions. With this innovation, Solana was able to complete 65,000 transactions per second and a block to be completed in less than a second. The company expects the network to accelerate further as bandwidth grows.
“Demand for faster and cheaper platforms than Ethereum has increased”
Speaking about the recent proliferation of Tier 1 smart contract platforms, Matthew Sigel, digital assets research manager at fund management company VanEck, said that this is due to the increasing demand for platforms that work faster and cheaper than the Ethereum network. Sigel also stated that Solana’s transaction speed can compete with the Nasdaq and that the platform can enable the securitization, tokenization and trading of existing assets.
It constantly refreshes its ATH
Solana, which caught a serious break this summer and renewed its high level every day, is currently trading at about $ 185. SOL, the 6th largest cryptocurrency in the market, made its last ATH by rising to $ 213 yesterday. SOL’s market value is currently around $55 billion.
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