Toronto-based investment fund manager 3iQ has filed to launch a new exchange-traded product (ETP) based on the Solana blockchain. The move comes as the popularity of Solana, a high-performance blockchain platform, continues to grow.

The proposed exchange-traded fund (ETF), dubbed the 3iQ Solana ETP, will be listed on the Toronto Stock Exchange (TSX). The fund will provide exposure to Solana's native cryptocurrency, SOL, allowing investors to gain indirect exposure to the rapidly expanding Solana ecosystem.

Solana has gained significant attention and adoption in recent months due to its fast transaction speeds and low fees. It has attracted several decentralized applications (dApps) and projects looking to leverage its high performance. Notably, Solana has emerged as a competitor to Ethereum, as it aims to address scalability and cost issues that have plagued the Ethereum network.

The 3iQ Solana ETP aims to cater to investors who want exposure to Solana but may not want to deal with the complexities of directly holding and trading cryptocurrencies. ETPs, like ETFs, allow investors to gain exposure to an asset class without needing to hold the underlying asset themselves.

3iQ is already known for its involvement in the crypto space, having launched the world's first Bitcoin ETF in Canada in 2021. The company specializes in providing innovative investment solutions in digital assets, and the addition of Solana to its product lineup further strengthens its position in the industry.

While the filing of the 3iQ Solana ETP is a positive development for Solana enthusiasts and investors, it is still subject to approval by Canadian securities regulators. If approved, the ETP will provide a regulated and accessible way for Canadian investors to participate in the growing Solana ecosystem.

This latest move by 3iQ reflects the increasing interest in blockchain-based investment products and highlights the growing adoption of Solana as a viable blockchain platform. As the cryptocurrency market evolves, innovative financial products like ETPs will likely continue to emerge, providing investors with more options to access digital asset investments.