On the evening of August 22, Grayscale announced the launch of the Grayscale Avalanche Trust, enabling investors to access the AVAX token on the Avalanche blockchain. Grayscale highlighted Avalanche’s role in promoting the tokenization of Real World Assets (RWA) through its extensive partnerships and unique multi-chain structure.
The new fund will be available to accredited investors only. Grayscale, with assets under management (AUM) worth more than $25 billion, is the world’s largest crypto fund management company.
Tokens they open investment funds in often experience significant increases in value. For example, $SUI increased by more than 50% in just a few days after Grayscale opened a fund to invest in it.
On the same day, Franklin Templeton also announced the expansion of the Franklin OnChain US Government Money Fund (FOBXX) to the Avalanche blockchain.
FOBXX, with a current market capitalization of $420 million, became the first Money Market Fund (MMF) to use a public blockchain to record transactions and ownership. Investors can now trade shares of the FOBXX fund in the form of BENJI tokens.
These developments are a clear indication of the increasing integration of blockchain technology in various aspects of life.
As of the time of writing, Avalanche’s AVAX token is trading at around $26.25, marking a more than 13.10% increase in the past 24 hours. Over the past week, AVAX has increased by almost 30% and has emerged as the top-performing coin in the last 7 days.
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