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Crypto giant Grayscale has launched a new fund for Ethereum layer 1 (Ethereum) Avalanche competitor (Avax).
Rehana Sharif Askari, Head of Product and Research at Grayscale, He says Avalanche has played a “pivotal role” in driving the adoption of real-world asset tokenization (RWA).
AVAX price rose 5.65% on Thursday, outpacing the broader cryptocurrency market, which fell 1.3% over the same time period.
The new Grayscale Avalanche Trust will operate like the asset manager’s other single-asset mutual funds and will be invested solely in the AVAX token.
Grayscale’s new product wasn’t the only recent development that may have played a role in driving up AVAX’s price.
Layer 1 project also Advertise Global investment giant Franklin Templeton announced Thursday that it is expanding its on-chain cash market fund, FOBXX, to the Avalanche Network.
Franklin Templeton made FOBXX available About the Arbitrum Layer 2 Scaling Solution (Arb) earlier this month. The fund also connected To the polygon (Matic) and the star (XLM) network.
Bringing the fund to the Avalanche Network expands reach, says Roger Baystone, head of digital assets at Franklin Templeton.
“We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-powered innovations to market.”
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