Key takeaways:
- Figment Europe is proud to power staking for Issuance.Swiss AG and the Ethereum and Solana staked ETPs on SIX Swiss Exchange debuting on March 12, 2024
- issuance.swiss AG’s ETPs allow convenient access to staking rewards through traditional brokers or banks, lowering the entry barriers for a wider audience
- Full collateralisation of physical ETH/SOL and on-exchange liquidity provision allows conservative institutions to hold the asset class via the ETPs
Figment Europe Ltd., a leading institutional staking services provider for institutions, and Apex Group, through Issuance.Swiss AG, are delighted to announce the upcoming launch of two exchange-traded products (ETPs) debuting on 12 March 2024 on SIX Swiss Exchange. Figment Ethereum Plus Staking Rewards (ETHF, ISIN CH1327686031) and Figment Solana Plus Staking Rewards (SOLF, ISIN CH1327686049) are fully backed by Ethereum and Solana, respectively, and powered by Figment’s industry-leading staking infrastructure. Both products aim to provide exposure to the underlying crypto asset plus the rewards generated through staking, including maximum extractable value (MEV).
Powering the issuance of the ETPs is Issuance.Swiss AG, a Swiss turn-key solution for financial product issuances provided by Apex Fund Services. This partnership combines Figment’s technological staking expertise with Issuance.Swiss’s leading financial product issuance program, introducing a groundbreaking approach that brings institutional staking capabilities to the familiar ETP vehicle.
Staking rewards for a wider audience
The ETPs make it easier for investors to access staking rewards from the top proof-of-stake crypto assets. With an ETP structure, the product benefits from full collateralization and over 50% staking utilization, returned to investors. Figment Europe’s infrastructure allows the products to capture rewards from blockchain consensus, including new token issuance, transaction fees and MEV – a key differentiator that ensures investors receive the maximum potential of rewards. On-exchange liquidity is guaranteed by the existing ETP market. This allows conservative institutions to safely hold this asset class via an ETP without directly funding Ethereum or Solana validators. Both products will have a competitive 1.5% management fee.
First of its kind total return benchmark rate
Both ETPs track an index provided by MarketVector. In particular, the MarketVector™ Figment Ethereum Reward Index (MVETHF) is a true total return index, and ETHF is the first product of its kind to use an index capable of tracking all sources of rewards that validators earn on both the consensus layer and execution layer, including MEV. The index measures the price performance of ETH along with the staking rewards earned by the product, using Figment’s leading network wide rewards indexing capabilities. Importantly, the index is highly adaptable, offering the capability to dynamically modify the proportion of staked assets, the compounding frequency, and staking fees throughout the lifetime of the ETP product. This level of customization ensures that the index can promptly respond to changes in market conditions and investment strategies, maintaining its relevance and effectiveness.
“We have worked hard to be in a position to support the launch the first Ethereum and Solana staked ETP by Issuance.Swiss AG on a regulated trading venue here in Switzerland.” Lorien Gabel, CEO of Figment says. “Our objective is now near complete and marks an important step towards the introduction of staking products in conventional ETP form for the still-nascent crypto market. I am proud that the Figment team continues to pioneer innovation and bring institutional-grade staking products to the market”
Eva Lawrence, Head of Figment Europe, comments:
“We remain committed to the unprecedented demand we are seeing from institutional investors wanting staking exposure. Figment remains ahead of the curve for delivering access to staking allowing to create innovative yet simple staking products for the financial markets. Our expertise and experience reflect the clear advantage we have over other market participants.”
Josh Deems, Institutional Business Development Lead for Figment, added:
“The popularity and interest in ETH and SOL has increased substantially over the past few months. However, it is still challenging for institutions to buy crypto and stake directly. The ETPs will contribute to an increased accessibility to staking rewards for a wide audience, and we at Figment are proud that Apex and Issuance.Swiss chose Figment to be part of this development.”
BBG Ticker ETHF – Figment Ethereum Plus Staking Rewards ETP
(ISIN: CH1327686031; Valor 132768603)
BBG Ticker SOLF – Figment Solana Plus Staking Rewards ETP
(ISIN: CH1327686049; Valor 132768604)
About Figment Europe Ltd.
Figment is a leading provider of staking infrastructure. Figment provides the complete staking solution for over 250 institutional clients, including asset managers, exchanges, wallets, foundations, custodians to earn rewards on their digital assets. On Ethereum, Figment is the largest non-custodial staking provider of staked ETH on Figment validators. Figment’s institutional staking service offers seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem.
Figment is neither the issuer nor the promoter of the ETPs. This press release is for information purposes only and does not constitute investment advice, an offer, or a recommendation to buy or sell any financial instruments, nor does it constitute recommendations or guidance for decisions concerning any investments.
About Issuance.Swiss AG
Issuance.Swiss AG is a dedicated SPV fully customised to admit financial products on regulated European stock markets and offer a plug-and-play solution to bring vanilla and complex digital assets strategies to the regulated market wrapped and in the form of a publicly listed ETP. Incorporated in Zug Switzerland and through its standalone set up, the SPV is able to list client strategies from European and US clients who currently have compliance constraints in managing digital assets. In return the client can enjoy a whitelabel revenue solution (net of administrative costs) as the product is fully scalable through its Asset under Management proposition (creation redemption process) and is estimated at best with a successful admission to the stock exchange within 8 weeks from engagement. The SPV is fully equipped and onboarded with key service providers and allows a quick time to market while the SPV takes control of all the operational burden.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider.
With over 13,000 employees globally, Apex Group provides services into 50 jurisdictions delivering an expansive range of services to asset managers, financial institutions, private clients, and family offices.
The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund raising solutions, fund administration, digital onboarding and bank accounts, depositary, custody, super ManCo, corporate services and a pioneering ESG Ratings and Advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the Environment and Climate Change, Women’s Empowerment and Economic Independence, Education and Social Mobility.
Figment is neither the issuer nor the promoter or distributor of the ETPs. This press release is for information purposes only and does not constitute investment advice, an offer, or a recommendation to buy or sell any financial instruments, nor does it constitute recommendations or guidance for decisions concerning any investments.
