Grayscale, a leading crypto firm, has recently introduced a new trust dedicated to Avalanche (AVAX), a layer-1 competitor to Ethereum.
Rayhaneh Sharif-Askary, the head of product and research at Grayscale, highlighted Avalanche’s significant role in advancing the tokenization of real-world assets (RWA).
AVAX experienced a 5.65% price surge on Thursday, outperforming the overall crypto market, which saw a 1.3% decline during the same period.
The newly launched Grayscale Avalanche Trust operates similarly to the company’s other single-asset investment trusts, focusing solely on the AVAX token.
Aside from Grayscale’s new product, the recent announcement by Avalanche regarding Franklin Templeton expanding its on-chain money market fund, FOBXX, to the Avalanche network could have contributed to AVAX’s price increase.
Franklin Templeton had previously made FOBXX available on Arbitrum (ARB) and is now extending it to Avalanche, Polygon (MATIC), and the Stellar (XLM) network.
Roger Bayston, Franklin Templeton’s head of digital assets, expressed excitement about collaborating with Avalanche’s developer community to introduce innovative blockchain solutions.
“We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-enabled innovations into the market.”
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