Digital asset manager 3iQ today announced a staking option with its two Ethereum exchange-traded fund (ETF) products. 

In a Wednesday announcement, the Canadian firm said The Ether Fund and The 3iQ Ether ETF would start offering staking to clients in August—making them the first ETFs in the world to offer such a service. 

Staking, in the world of crypto, is the process of “locking-up” cryptocurrency to keep a blockchain’s network running. 

Those who hold proof-of-stake assets—like Ethereum (ETH)—pledge it to the network by sending it to a specific blockchain address and can receive rewards for doing so. 

“Through staking, the funds will earn rewards in the form of ETH, which will be reflected in the net asset value of the funds through accretive yield while augmenting the funds exposure to ETH,” the announcement explained. 

It added that it would use Coinbase’s institutional staking infrastructure to support ETH staking in the products. Earlier this month, the SEC went after Coinbase—the biggest crypto exchange in the U.S.—for allegedly offering and selling unregistered securities via its staking service. 

Canadian regulators have not gone after staking

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Author: Mathew Di Salvo

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