Crypto giant Grayscale has launched a new trust for Layer 1 Ethereum (ETH) competitor Avalanche (AVAX).
Rayhaneh Sharif-Askary, head of product and research at Grayscale, says Avalanche has played a “critical role” in driving the adoption of real-world asset (RWA) tokenization.
AVAX price rose 5.65% on Thursday, outperforming the broader crypto 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 invest exclusively in the AVAX token.
Grayscale’s new product was not the only recent development that may have contributed to AVAX’s price increase.
The Layer 1 project also announced on Thursday that global investment giant Franklin Templeton is expanding its on-chain 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 adding the fund to the Avalanche network expands access.
“We look forward to working with Avalanche’s dynamic developer community to bring new blockchain-enabled innovations to market.”
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