Grayscale Launches Avalanche Trust, Exclusively for AVAX Token Investors
Grayscale Investments has introduced the Grayscale Avalanche Trust, a new investment vehicle focusing exclusively on the AVAX token, tailored for accredited investors. This move signifies a significant step for both Franklin Templeton and Grayscale as they continue to embrace blockchain technology, enhancing options for digital asset investment and tokenization.
Franklin Templeton Expands Tokenized Fund to Avalanche Network
Franklin Templeton is making notable strides in the blockchain and digital asset space by expanding its tokenized money market fund, the Franklin OnChain U.S. Government Money Fund (FOBXX), to the Avalanche network. Launched in 2021, FOBXX stands out as the first U.S.-registered mutual fund to utilize a public blockchain for transaction recording and share ownership management.
The fund is accessible through Franklin Templeton’s proprietary investment application, with the BENJI token already operational on the Stellar and Polygon networks. This tokenization allows both institutional and retail investors to acquire shares represented by tokens in the fund, which currently manages assets totaling $420 million. Moreover, these tokenized shares can be purchased using the USDC stablecoin.
Franklin Templeton’s Commitment to Blockchain
Roger Bayston, Head of Digital Assets at Franklin Templeton, expressed optimism about integrating with the Avalanche network:
“Bringing the Benji platform to the Avalanche network expands access to our pioneering tokenized money market fund. We are eager to engage with Avalanche’s active developer community to introduce further blockchain-enabled solutions into the market.”
Grayscale Introduces the Avalanche Trust
Simultaneously, Grayscale Investments has expanded its cryptocurrency investment offerings with the introduction of the Grayscale Avalanche Trust. This new trust provides accredited investors with the opportunity to invest in AVAX, the primary token of the Avalanche blockchain platform. The trust is currently accepting daily subscriptions and operates similarly to Grayscale’s other single-asset investment products, which focus on a specific cryptocurrency—in this case, AVAX.
Key Highlights from Grayscale
- Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, emphasized the significance of the launch:
- “The Grayscale Avalanche Trust underscores our dedication to offering investors novel ways to participate in the dynamic crypto environment.”
- Avalanche’s strategic alliances and distinctive multi-chain architecture are critical for advancing real-world asset tokenization.
Grayscale’s Diverse Cryptocurrency Investment Trusts
Grayscale’s portfolio includes a variety of investment trusts that target different cryptocurrencies, such as:
- Bitcoin
- Ethereum
- Solana
- Litecoin
- Zcash
- Chainlink
- Decentraland
These trusts provide investors with structured exposure to digital assets through trust shares, allowing for diversified participation in the cryptocurrency market.
Ecosystem
Research
News Network
About