VanEck analysts promote investment in Solana

The US investment firm VanEck is expanding its investment opportunities in the digital token Solana SOL $216.54 Solana -0.54% Market capitalization $102.21 billion VOL. 24 hours $0.91 billion by partnering with the Kiln platform to simplify cryptocurrency staking for institutional investors.

The partnership allows VanEck’s clients to profit from Solana staking without having to interact with the technical aspects or purchase SOL tokens. This makes the process more accessible and convenient.

As part of the agreement, VanEck will integrate Solana staking into its investment products — ETNs and ETFs — that focus on this cryptocurrency. This is in line with their long-term strategy to support Solana as an important asset in the digital finance space. VanEck has been investing in Solana for a long time and was one of the first to launch an ETF for this cryptocurrency.

According to the CoinMarketCap analytical tracker, at the time of writing, SOL is down 2.18% and trading at $ 174. The total supply of coins circulating on the market is $ 82.1 billion. Traders made daily trading deals worth $ 2.69 billion.

As a reminder, Solana set a new revenue record, reaching $ 8.7 million on Wednesday, October 23. The revenue growth is attributed to the increase in blockchain activity, particularly in the areas of decentralized finance (DeFi) and non-fungible tokens (NFT). According to Blockworks Research, the number of transactions on the Solana blockchain has increased significantly, which has affected the overall economic potential of the network.