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Home CRYPTO

Avalanche AVAX Pumped 9% After Grayscale

by Sham
August 22, 2024
in CRYPTO
Reading Time: 2 mins read
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  • Avalanche’s AVAX token surged nearly 7% after Grayscale launched an Avalanche Trust and Franklin Templeton expanded its on-chain money market fund to the Avalanche network.
  • Grayscale’s new Avalanche Trust allows investors to gain exposure to AVAX, while Franklin Templeton’s fund offers dividends from yields on U.S. Treasury assets on the Avalanche blockchain.
  • The moves by the major institutional firms highlight Avalanche’s role in advancing real-world asset tokenization through its unique three-chain smart contract platform.

The Avalanche blockchain network has seen renewed interest this week as major institutional players like Grayscale and Franklin Templeton launch new products utilizing AVAX. The developments have helped reverse a recent downtrend for the network’s native token.

Avalanche $AVAX pumped 9% today following Grayscale's Avalanche Trust reveal pic.twitter.com/cFSxHPWvp3

— BlockNews.com (@blocknewsdotcom) August 22, 2024

Grayscale Launches AVAX Trust

On Monday, Grayscale announced the launch of the Avalanche Trust, a new fund offering exposure to AVAX. The trust provides investors with a means to gain direct exposure to the token through Grayscale’s fund structure.

Grayscale highlighted Avalanche’s role in advancing real-world asset (RWA) tokenization through its smart contract platform optimizing for scalability, security and decentralization. The launch marks a continued expansion of Grayscale’s crypto product lineup in recent weeks.

Franklin Templeton Expands to Avalanche

Additionally, Franklin Templeton is bringing a new on-chain money market fund to Avalanche. The fund, Franklin OnChain US Government Money Fund (FOBXX), offers stable value exposure to US Treasury yields.

Investors can purchase shares of the fund using the Benji Investments platform. Franklin Templeton cited Avalanche’s developer community as a motivating factor in selecting the network for the fund’s expansion.

FOBXX, launched in 2021, was the first money market fund to utilize a public blockchain for recording transactions and ownership. It currently ranks as the second-largest US securities tokenization platform with a market cap of $420 million.

Tags: AvalancheAvalanche TrustAVAXFranklin Templetongrayscale
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