VanEck says it will be working with Kiln to power institutional staking with Solana.
Solana is a Proof of Stake blockchain, and its native cryptocurrency is SOL.
VanEck is a financial services firm that mainly provides exchange-traded products. Kiln is a digital asset rewards management platform that helps institutional customers earn returns on their digital assets.
VanEck’s Solana Strategy is said to include various products, including ETFs (Exchange Traded Funds) and ETNs (Exchange Traded Notes). With Solana staking, VanEck aims to simplify the process of gaining exposure to Solana. Institutional investors may integrate Solana staking into their portfolios without the complexities of directly managing or staking SOL tokens.
VanEck states that as a regulated investment opportunity, their Solana Strategy provides a straightforward entry into Solana which has a capitalization exceeding $70 billion as of October 2024.
Menno Martens, Crypto Product Manager at VanEck, says that Kiln’s track record on many blockchains, including Solana, and institutional capacities ensures they can deliver a product that meets institutional standards.
The partnership with VanEck is described as part of Kiln’s mission to democratize value creation in the digital assets ecosystem.
Kiln reports that it currently runs validators on all major PoS blockchains, with over $8.6 billion in crypto assets.