Grayscale launches four new cryptocurrency funds
Grayscale, the firm behind the creation of the Bitcoin Cash Investment Trust has announced that they going to launch four new cryptocurrency- related investment fund. The funds are named; Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust, and XRP Investment Trust. Likewise, they cover respective Bitcoin, Ethereum, Litecoin and Ripple virtual Currencies.
This time Grayscale unlike, their previous funds have planned to give investors full exposure to all the five biggest cryptocurrencies based on market capitalization. Last time they just focus on bitcoin, ethereum classic and zcash, formally known as Digital Large Cap Fund. According to Grayscale Managing Director, Michael Sonnenshein this time the decision to include new currency and to side aside old cryptocurrencies was based on the total value of the assets.
Investors can buy the shares through the private placement investment vehicle, backed by actual cryptocurrency, valued at 4:00 p.m. EST. But the valuation will be measure through Digital Asset Reference Rate given by TradeBlock, an institutional trading firm.
With the launch of these new four cryptocurrency funds, Grayscale will be enabled to expand its customer base globally. Michael Sonnenshein concluded that,
“It is our belief that digital currencies as an asset class has not only arrived but are here to stay. Consequently, we are committed to providing investors with structures that enable them to participate in this exciting asset class.”
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