Crypto investment firm Grayscale announces the launch of Grayscale Stellar Lumens Trust
The New York-based crypto asset investment firm Grayscale Investments announced on Thursday that it has launched a new single asset fund dedicated to Stellar, the native asset of the Stellar network, called the Grayscale Stellar Lumens Trust, according to a press release. This latest offering is the ninth single asset investment product introduced by Grayscale, which also manages Grayscale Digital Large Cap Fund.
Stellar Lumens [XLM] is right now the sixth largest cryptocurrency in terms of market cap. Stellar was founded by Jed McCaleb, who also founded Ripple and the ill-fated exchange Mt.Gox.
Stellar is a platform that connects financial institutions and payment systems around the world. The platform is designed to provide low-cost financial services to fight poverty and foster individual growth.
Speaking about this latest offering, Michael Sonnenshein, Managing Director of Grayscale said, “We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources. Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”
The press release further goes on to add that Grayscale has announced changes to the names of its single-asset products. Going forward these products will be named as:
- Grayscale Bitcoin Trust
- Grayscale Bitcoin Cash Trust
- Grayscale Ethereum Trust
- Grayscale Ethereum Classic Trust
- Grayscale Horizen Trust
- Grayscale Litecoin Trust
- Grayscale Stellar Lumens Trust
- Grayscale XRP Trust
- Grayscale Zcash Trust
Speaking to Fortune, Michael Sonnenshein said that the launch of the new Stellar fund brings to light the fact that the reports of a slump in the crypto market has been made up and badly overstated. He said that the influx of net investment into Grayscale which has seen an uptrend owes its growth to the growing interest in cryptos from professional investors.
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