Grayscale Launches Avalanche Trust, AVAX Price Rallies 10%

The leading crypto asset manager, Grayscale Investment has announced the launch of an investment trust for Avalanche. Following the announcement, the AVAX price soared nearly 10%, indicating the positive impact of the announcement on the investors’ sentiment. On the other hand, it also reflects the asset manager’s focus on expanding its offerings for digital asset investments.

Grayscale Expands Crypto Offerings With Avalanche Trust

In the latest announcement, Grayscale Investments reveals creating its latest single-asset crypto investment trust for Avalanche token. According to the announcement, this new product will be available to accredited investors. It would allow them to directly invest in AVAX.

Notably, the trust is part of Grayscale’s broader strategy to offer diverse investment opportunities in the crypto ecosystem. The asset manager highlights that the AVAX blockchain is designed to address the “blockchain trilemma” by optimizing scalability, security, and decentralization.

Rayhaneh Sharif-Askary, the asset manager’s Head of Product & Research, lauded the significance of the platform. He noted that the crypto trust is crucial for advancing real-world asset (RWA) tokenization. Through strategic partnerships and its multi-chain structure, the crypto has already facilitated the broader adoption of RWA tokens, which also makes it an attractive investment option.

Meanwhile, the introduction of the new crypto trust also reflects the asset manager’s towards the crypto sector. It appears that the firm aims to offer investors seamless access to emerging and impactful developments within the crypto sector. Notably, the firm offers more than 20 crypto investment products, reflecting its continuing dedication to the digital asset space.

AVAX Price Rallies

Following the announcement, AVAX price jumped about 10% to $25.04, with its trading volume soaring nearly 9% to $333.31 million. Over the last 24 hours, the crypto has touched a low of $22.70.

Notably, according to CoinGlass data, the crypto’s Open Interest soared over 9% to $257.04 million, indicating the growing interest of the investors towards the crypto. According to a recent Avalanche price prediction, the crypto could hit a high of over $76 by 2024 end.

Meanwhile, the latest surge also indicates that the investors might be responding enthusiastically to the Grayscale announcement. In other words, the trust might raise optimism over investors as it has increased exposure to the crypto.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.