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 (AR...