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Avalanche Ticks Up in Price As Crypto Giant Grayscale Launches New AVAX Trust

August 23, 2024

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 (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 bringing the fund to the Avalanche network expands access.

“We look forward to working with Avalanche’s vibrant developer community to bring new blockchain-enabled innovations into the market.”

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