Grayscale Launches Investment Fund for Avalanche’s AVAX

Investment giant Grayscale has announced the launch of an investment fund for Avalanche’s native token, AVAX. In a press release published Thursday, the asset manager revealed that the Grayscale Avalanche Trust will focus on the performance of the AVAX token.

According to Grayscale, it aims to provide investors with an alternative means to gain exposure to Avalanche, a blockchain network that has played its part in bolstering the adoption of real-world asset (RWA) tokenization.

“The launch of Grayscale Avalanche Trust highlights Grayscale’s ongoing commitment to providing investors with innovative opportunities to access exciting developments in the crypto ecosystem,” Grayscale’s Head of Products and Research, Rayhaneh Sharif-Askary, said.

The Grayscale Avalanche Trust becomes the 19th trust the asset manager has created. Cointab reported earlier in August that Grayscale launched an SUI and TAO investment fund.

Franklin Templeton Expands to Avalanche

Grayscale is not the only asset manager to launch an Avalanche-related product on August 22nd. Franklin Templeton announced it has expanded its Nasdaq-listed On-chain US Government Money Fund (FOBXX).

The asset manager noted that investors can now get a slice of its FOBXX on Avalanche by funding their digital wallets through the Benji Investment platform. FOBXX was launched in 2021 and currently has a market cap of $420 million.

Speaking about the development, Franklin Templeton’s head of digital assets, Roger Bayston, said that bringing its investment platform to Avalanche has expanded its reach to potential investors. He added that he believes the robust and scalable qualities of the Avalanche network would help the firm efficiently service its customers.

AVAX Gets Boost

Following the multiple expansions to the Avalanche network, the blockchain’s native token, AVAX, got a boost on Thursday. AVAX surged almost 7% in the past 24 hours, outperforming all other assets in the top 12 crypto rankings by market cap at press time.

Current metrics show that AVAX was trading at $24 with a market cap of $9.97 billion. The asset had also increased 18% in the past seven days.