Home Canary Launches Injective ETF With Staking Rewards

Canary Launches Injective ETF With Staking Rewards

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Canary Launches Injective ETF With Staking Rewards
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  • Canary Capital has launched its Staked INJ ETF on Nasdaq under the ticker INJC, giving investors exposure to Injective’s native INJ token.
  • The fund aims to earn additional INJ tokens through staking, with net rewards reflected in the fund’s net asset value.
  • The launch gives traditional investors a familiar way to access Injective, a blockchain focused on trading, derivatives and tokenization.

INJ ETF Begins Trading On Nasdaq

Canary Capital has launched an exchange traded fund (ETF) that tracks Injective’s native token INJ. The investment vehicle, named the Canary Staked INJ ETF, has begun trading on Nasdaq with the ticker symbol INJC. This provides investors with an opportunity to invest in INJ without having to hold the actual crypto asset.

The ETF also offers investors another opportunity to increase their INJ holdings by participating in Injective’s proof-of-stake validation model. The net staking yield will be included within the fund’s net asset value (NAV).

“Investors are starting to look at smaller cryptocurrencies and take an interest in niche blockchain networks that offer future financial services,” Steven McClurg, CEO of Canary Capital commented.

Injective’s Financial Services

Injective is a Layer 1 blockchain that is primarily focused on offering financial services. The network can be used for trading crypto assets, derivatives and tokenizing real world assets.

In August Injective Institutional Services, an injective affiliate, became registered as a transfer agent with the United States Securities and Exchange Commission (SEC). This was an important milestone for the project as it looks to offer services for tokenized financial assets.

Injective claims to have tokenized over $1 billion of assets. The network has processed over 3.13 billion transactions as of October 22. The network has also permanently removed over 7.27 million INJ tokens via its monthly token buyback programme.

More INJ ETF Proposals

This may help Injective reach a new range of investors. Eric Chen, CEO of Injective, commented that the ETF bridges Injective’s mission to bring financial markets onchain with investors who like to invest using traditional platforms.

As interest in crypto investment vehicles grows in the U.S., there are two further proposed ETFs that track INJ. These are the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF.

If these are successful then investors will have more opportunities to invest in Injective using a regulated vehicle.

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