Grayscale Introduces Interest Fund for AVAX Token

August 23, 2024 04:35 PM AEST | By Team Kalkine Media

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Grayscale Introduces Interest Fund for AVAX Token — Image source: shutterstock

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Grayscale Investments has introduced a new fund focused on Avalanche’s native token, AVAX, as of August 22. The newly launched Grayscale Avalanche Trust provides an avenue for exposure to Avalanche, a prominent layer-1 blockchain platform known for its emphasis on scalability, network security, and decentralization.

Avalanche is designed to support real-world asset tokenization, which involves transforming tangible assets such as real estate, commodities, and fine art into digital tokens on the blockchain. This initiative aligns with Avalanche’s broader goal of facilitating diverse blockchain applications, including those that involve the tokenization of real-world assets. On the same day, Franklin Templeton also broadened its blockchain-integrated money market fund to include the Avalanche network, underscoring the growing interest in Avalanche’s ecosystem.

The Grayscale Avalanche (AVAX) Trust is tailored to provide investors with access to Avalanche's advancements in RWA tokenization and its multi-chain structure, through key strategic partnerships. However, the fund is not exchange-traded and is available only to qualified investors. This new addition brings Grayscale’s total number of crypto investment products to over 20. Recent expansions by Grayscale include the launch of trusts for MakerDAO’s MKR token and additional trusts for Bittensor’s and Sui’s native tokens.

As the largest crypto fund manager globally, Grayscale manages assets exceeding $25 billion. The firm is widely recognized for its flagship Bitcoin and Ether exchange-traded funds (ETFs), such as the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). In addition, Grayscale operates private single-asset funds for other cryptocurrency tokens, including Basic Attention Token (BAT) and Chainlink (LINK).

Dave LaValle, Grayscale’s global head of ETFs, noted in a recent webinar that the cryptocurrency ETF market is expected to expand further. LaValle highlighted the anticipated growth of single-asset products and the introduction of diversified crypto indexes, reflecting the evolving landscape of digital asset investment vehicles.

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