Crypto giant Grayscale has launched a new trust for Ethereum (ETH) layer-1 competitor Avalanche (AVAX).
Rayhaneh Sharif-Askary, head of product and research at Grayscale, says Avalanche has played a “pivotal role” in advancing the adoption of real-world asset (RWA) tokenization.
The price of AVAX climbed 5.65% on Thursday, outperforming the broader cryptocurrency market, which fell 1.3% over the same period.
The new Grayscale Avalanche Trust will operate like the asset manager’s other single-asset investment trusts and will be invested solely in the AVAX token.
Grayscale’s new product wasn’t the only recent development that could have helped push up AVAX’s price.
The Layer-1 project also announced Thursday that global investment giant Franklin Templeton is expanding its blockchain money market fund, FOBXX, to the Avalanche network.
Franklin Templeton made FOBXX available on 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 the fund’s integration with the Avalanche network expands access.
“We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-based innovations to market.”
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