Avalanche Ticks Up in Price As Crypto Giant Grayscale Launches New AVAX Trust

The crypto giant Grayscale has launched a new trust for the layer-1 Ethereum (ETH) competitor Avalanche (AVAX).

Rayhaneh Sharif-Askary, Grayscale’s head of product and research, says Avalanche has played a “pivotal role” in advancing the adoption of real-world asset (RWA) tokenization.

AVAX shot up in price by 5.65% on Thursday, outpacing the broader crypto market, which dropped 1.3% over the same time period.

The new Grayscale Avalanche Trust will function like the asset manager’s other single-asset investment trusts and is solely invested in the AVAX token.

Grayscale’s new product wasn’t the only recent development that could have had a hand in boosting AVAX’s price.

The layer-1 project also announced on Thursday that the global investment giant Franklin Templeton is expanding its on-chain money market fund, FOBXX, to the Avalanche network.

Franklin Templeton made FOBXX available on the layer-2 scaling solution Arbitrum (ARB) earlier this month. The fund is also connected to Polygon (MATIC) and the Stellar (XLM) network.

Roger Bayston, head of digital assets at Franklin Templeton, says bringing the fund to the Avalanche network expands access.

“We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-enabled innovations into the market.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Avalanche Ticks Up in Price As Crypto Giant Grayscale Launches New AVAX Trust appeared first on The Daily Hodl.