Digital asset manager Grayscale has launched a new single-asset crypto investment fund. In this regard, the investment giant announced the launch of the MakerDAO Trust. This follows a similar rollout by other crypto-based trusts to create investor exposure in the market. Following this development, the altcoin price reacted positively with a 6 percent increase.
Grayscale launches MakerDAO Trust, altcoin price jumps!
In addition to its growing product list, Grayscale announced the IPO of MakerDAO Trust. The move allows investors to gain market exposure to MakerDAO’s utility governance token MKR. Following this development, MKR price made a strong move north. The altcoin jumped to $2.097 from its intraday high of $1.99. At the time of writing, MKR was trading with a daily gain of over 6%.
According to the statement, the Trust is open to institutional and retail investors for daily subscriptions and functions like previous funds to support investors in MakerDAO. Rayhaneh Sharif-Askary, the company’s Head of Research and Products, emphasized the firm’s commitment to innovative investment opportunities, pointing to investor demand for more altcoin products. In this context, Sharif-Askary said the following:
The launch of the Grayscale MakerDAO Trust allows investors to experience the growth of the entire MakerDAO ecosystem and aims to eliminate DeFi’s dependence on traditional finance infrastructure by providing a permissionless, decentralized and open stablecoin system.
Let’s take a closer look at Maker, Grayscale’s choice!
Maker is one of the largest protocols in the decentralized finance (DeFi) space. A community of token holders, or decentralized autonomous organization (DAO), manages the altcoin project. Holders of MKR tokens can participate in decision-making and vote on proposals. The protocol manages over $7 billion in crypto and real-world assets (RWA). This includes US Treasury bonds. It also issues $5 billion of DAI, the third largest stablecoin in the market. The protocol is currently undergoing a major revamp, dubbed “End Game” by founder Rune Christensen, which includes the release of upgraded versions of MKR and DAI.
As you’ve been following from Kriptokoin.com, this offering follows Grayscale’s newly launched single-asset funds last week for decentralized artificial intelligence (AI) project Bittensor’s (TAO) token and layer-1 Blockchan Sui (SUI). The company also launched a decentralized AI-focused fund about a month ago, investing in a basket of altcoin projects such as Near (NEAR), Render (RNDR) and Filecoin (FIL).
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