The firm presented its 16th crypto investment product: “Grayscale Solana Trust“. Meanwhile, support for the Solana ecosystem continues to grow.
Grayscale Investments, the giant manager of investment funds in cryptocurrencies, presented this Tuesday a new investment vehicle based on Solarium (SUN).
The asset management company announced the launch of “Grayscale Solana Trust“, a fiduciary product that offers accredited investors exposure to SOL, the network’s native digital asset Solarium. The new instrument only and passively invests in the token SOL and operates in the same way as the other single asset investment trusts of Grayscale.
The product is now available to accredited institutional and individual investors through their respective periodic private placements, as detailed in a press release dated November 30.
Welcome ‘Grayscale Solana Trust’
Solarium, a smart contract platform based on a proof of history (PoH) consensus mechanism, has become very popular in the digital currency space this year. The rival of Ethereum, Solarium has gained ground in the decentralized finance (DeFi) ecosystem and tokens non-fungible (NFT) by offering high transaction capacity at low cost.
Amid the growing popularity of Solarium, the price of your token native, SOL, has exploded in recent months. This year, the coin has grown from $ 1.50 at the beginning of the year to over $ 200 at the time of writing. This is due to the increase in demand for SOL from retail and institutional investors as the blockchain gains traction.
Grayscale Solana Trust is the 16th cryptocurrency investment product of Grayscale. The firm has other similar products that offer exposure to assets such as Bitcoin, Ether, Bitcoin Cash, Litecoin, Chainlink, Stella, among others.
Grayscale CEO Michael Sonnenshein commented on the new product launch:
For the past eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem. […]CEvery time we find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum. Our enGrayscale family of products will continue to expand alongside this exciting asset class.
With more than USD $ 50.7 billion in assets under management (AUM), Grayscale is currently one of the largest cryptocurrency managers in the world. This is indicated by data recently published by the firm.
Solana derivatives platform raises USD $ 34 million
In other news related to the ecosystem of Solarium, Hxro Network, a derivatives trading platform Based on said network, it announced on Tuesday that it has raised USD $ 34 million in an investment round.
As reported The Block, the investment round was led by the firms SIG DT Investments (a Susquehanna International Group company), Jump Crypto and Blockchain Capital. In addition, it had the participation of recognized companies of the space such as Alameda Research, Coinbase Ventures, Chicago Trading Company, Solana Ventures and others.
The success of the round highlights the growing interest around the burgeoning ecosystem of Solarium. Many investors are betting and building on Solarium as a platform for financial markets, not just cryptocurrency trading.
With the latest injection of capital, Hxro will continue to develop its decentralized cryptocurrency derivatives trading platform, which includes futures and options. Based on Solarium, Hxro Network will feature protocols for futures, perpetual swaps, options and more, co-founder Dan Gunsberg told CoinDesk. Version 1 is expected to launch next month.
According to Gunsberg, Hxro is being built to attract investors from the derivatives market to the cryptocurrency space. “Right now, open interest in the traditional world is approaching $ 185 trillion”He said, adding that the project plan is to attract much of that action to crypto.
SOL price remains on the rise
The price of the cryptocurrency Solarium remains on the rise amid the news confirming the support of institutional investors for the platform. At the time of editing, SOL registers a slight increase in the last 24 hours and It is trading around USD $ 210.
SOL experienced a meteoric rise in mid-2021. The surge led it to rank fifth as the largest cryptocurrency by market capitalization. It also propelled it to a record price of $ 258 earlier this month.
More recently, the token has seen a notable correction around $ 200. The price decline came amid a widespread drop for the entire cryptocurrency market that drove the price of Bitcoin very close to USD $ 50,000. The current consolidation levels of the SOL coin seem to be a good sign, considering its staggering annual growth.
Meanwhile, it is possible that in the long term the asset of Solarium continues to record further increases as the platform experiences greater adoption and the token continues to generate interest among investors.
Hannah Estefanía Pérez’s version / DailyBitcoin
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