investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Lumens () token, in a Jan. 17.
Grayscale, which now operates nine funds, timed the move to coincide with a change of image for its products, all its single-currency products to trusts.
The company serves “single-asset investment products that provide exposure to” (BTC), (BCH), (ETH), (ETC), Horizen (ZEN), (LTC), (XRP) and (ZEC), along with Stellar.
Speaking to , managing director Michael Sonnenshein said the latest addition had arisen from investor demand to gain exposure to XLM’s price movements.
“I think the theory is a sound one,” he said about Stellar’s business proposition for bridging crypto to fiat currency conversions, continuing:
“An American bank may be keeping large amounts of currencies in foreign banks, and to be able to bring those balances of foreign currencies onto a balance sheet as working capital is valuable. Financial institutions won’t be required to hold balances all over the place. This will improve efficiency and shore up balance sheets for other uses.”
Stellar saw a buoyant Q4 after a deal with cryptocurrency provider to XLM worth $125 million in an airdrop, with the aim of increasing awareness and adoption.
Grayscale meanwhile faced a mixed year in 2018. By December, after bitcoin [BTC] had fallen to 15-month lows of $3,130, the company’s bitcoin [BTC] Trust became worth for the first time during the year.
Research by cryptocurrency industry newsletter at the time added that Grayscale’s holdings amounted to just over 1 percent of the total number of blockchains in circulation.
is currently up 1.22 percent on the day, trading at $0.10.
Published at Fri, 18 Jan 2019 10:19:00 +0000
