Canary Capital launches SEI-based ETF for growth in crypto
Canary Capital enters the crypto market with a new move. The company has filed an application with the SEC to launch an ETF called Canary Staked SEI ETF. This fund will be tied to the SEI token from the Sei Network.
The essence is not only in tracking the price. This fund will not just hold tokens, but also stake them within the network. For this, it will earn rewards, just like regular users who lock their coins to support the blockchain. Only in this case, the fund takes on all the technical hassles, while investors receive rewards simply for participating.
Against the backdrop of the news, the price of SEI rose by 3.67% over the day and is currently trading at $0.2184, according to CoinMarketCap.
To store assets, Canary has partnered with two major custodians, BitGo and Coinbase Custody. This is especially important for those who are just entering crypto and want to be sure that their tokens won't disappear.
Canary Capital is preparing a whole line of ETFs
The SEI-based fund is just the beginning. Canary Capital is already working on several more crypto ETFs. Recently, the company also filed an application for an ETF based on the TRON (TRX) token. In terms of mechanics, it will be the same as the SEI fund: tracking the price and generating income through staking.