Asset manager Grayscale Investments has rolled out a new investment fund for Avalanche’s native token, AVAX.
Eligible accredited investors can start diverting funds toward the Grayscale Avalanche Trust.
The trust will function like Grayscale’s single-asset investment trusts, i.e. it will solely invest in the token underpinning the Avalanche network.
Commenting on the latest launch, Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, said,
“Through its key strategic partnerships and unique, multi-chain structure, Avalanche is playing a pivotal role in the advancement of RWA tokenization.”
Earlier this month, the asset manager unveiled a fund to invest in MakerDAO’s MKR token.
Right before that, it launched a couple of other trusts allowing users to invest in Bittensor’s and Sui’s native protocol tokens.
In another recent development that shaped up today, Franklin Templeton announced the expansion of its Franklin OnChain US Government Money Fund [FOBXX] to the Avalanche network.
Interestingly, this will be the “first-of-its-kind onchain money market fund” on the Avalanche network. Subject to eligibility, investors can hold their wallets on the Avalanche.
Launched in 2021, the fund allows institutional investors access to Franklin Templeton’s blockchain-integrated record-keeping system, Benji Investments.
Roger Bayston, the Head of Digital Assets at Franklin Templeton, said,
“I think the Avalanche ecosystem represents a super robust network that allows us to deliver high quality attributes and characteristics to our customers.”
Earlier this month, Franklin Templeton unveiled the launch of the fund on the Arbitrum network. Fund users on the Benji Investments platform can hold the tokenized shares on Arbitrum and fetch low-risk investment yields.
AVAX was one of the top-gainers on Thursday. At press time it was seen exchanging hands at $24.74, up 7.7% on the daily.
