Crypto exchange Wisebitcoin has announced the addition of a SOL ETF today. SOL is the native token for Solana, a platform focused on providing scalable blockchain infrastructure for developers. It will be available as an aggregate trading pair with USDT and the exchange stated that deposits and withdrawals will not be supported.
The listing marks the start of Wisebitcoin’s ETF Week. Over the next four months, the exchange is set to launch five ETFs every second week for a total of 20 ETF launches between May and August. Other listings for this week besides SOL include ALGO, ENJ, KSM, and KNC.
Wisebitcoin Senior Advisor Shadi Abdou comments: “We’re excited to start ETF week with solid offerings such as SOL. Over the next few weeks, our user base of professional traders will be able to take advantage of these ETFs with the most promising projects in the cryptocurrency space.”
ETFs consist of an asset that tracks the price of an underlying asset. They are commonly used as a way to keep track of an index or a whole industry sector. On Wisebitcoin’s spot market, ETFs can be used as a tool to gain exposure to a specific crypto asset without owning it with up to 3:1 leverage.