Cryptocurrency giant Grayscale has launched a new trust for layer 1 Ethereum (ETH) competitor Avalanche (AVAX).
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, says Avalanche has played a “pivotal role” in advancing the adoption of real-world asset (RWA) tokenization.
AVAX’s price surged by 5.65% on Thursday, outpacing the overall cryptocurrency market, which fell by 1.3% over the same period.
The new Grayscale Avalanche Trust functions like any other single-asset investment trust from an asset manager and is invested solely in AVAX tokens.
Grayscale’s new product isn’t the only recent development that could impact AVAX’s pricing.
Layer 1 projects also announced on Thursday that global investment giant Franklin Templeton is expanding its on-chain money market fund, FOBXX, to the Avalanche Network.
Franklin Templeton made FOBXX available on its layer 2 scaling solution Arbitrum (ARB) earlier this month. The fund is also connected to the Polygon (MATIC) and Stellar (XLM) networks.
Roger Bayston, head of digital assets at Franklin Templeton, said bringing the fund to the Avalanche network would expand accessibility.
“We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-based innovations to market.”
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