Source : zycrypto.com
Grayscale Investments has been one of the most active investment funds in the crypto space. So far, the firm is the top asset manager with over $50 billion in digital assets under its management. That’s a pretty impressive figure for a firm that came into the picture in 2013. Now, the firm is adding an SOL-backed trust product to its investment line. The Grayscale Solana Trust will be the 16th product launched by Grayscale Investments.
The firm’s latest venture points to its application in providing its customers with access to various products in the expanding crypto space. The trust will be backed by Solana and held in the native token of the network, SOL. The Solana network is basically a platform for smart contracts and uses the Solana protocol that relies on Proof-of-History (PoH) as opposed to proof-of-Work and Proof-of-Stake.
During the launch, Grayscale announced that it would make the Trust accessible for subscription by both individual and institutional investors. The firm offers other crypto-based investment products that include Basic Attention (BAT), Ethereum (ETH), Bitcoin (BTC), Ethereum Classic (ETC), Zcash (ZEC), Stellar Lumens (XLM), Litecoin (LTC), Chainlink (LINK), Livepeer (LPT), Decentraland (MANA), Filecoin (FIL), Horizen (ZEN), and Bitcoin Cash (BCH). Some of these products are also available via the OTC markets under SEC regulation.
The debut of Grayscale into the Solana Trust pooling field in the crypto space is likely to spur the growth of that particular sphere faster than previously expected as Grayscale is the largest credible institutional investor in the digital assets market and whatever it does is most likely to resonate with most other investors that may want to follow suit. This trend was especially noticeable when Grayscale began its aggressive accumulation of BTC and other crypto assets in early 2020.
As such new digital products are introduced, the crypto market will expand further both in terms of its viability as an alternative to the traditional fiat markets as well as a borderless and decentralized financial system. With this, the Solana network will benefit, and demand for SOL as the native token could increase and drive up its price.