Grayscale’s Solana trust is the latest crypto offering from the company with $9.5 million under management after it debuted Chainlink, BAT, And Decentraland token products earlier this year so let’s read more in today’s latest altcoin news.
Grayscale’s Solana trust was launched this morning and it offers investors passive exposure to the proof of history and proof of stake hybrid Solana network SOL crypto. The crypto asset was up 6% over the past 24 hours on Tuesday morning as per Coingecko that traded at $217 per coin. The market cap receded a bit from the $77 billion all-time high and is set at the start of the month with $66 billion. It has nearly doubled since the start of September and it is up by more than 13,000 since the start of the year.
The Solana trust had $9.5 million under management when it was initially launched. The CEO of Grayscale Michael Sonnenshein said there has been strong interest among the company’s clients in expanding their exposure to different types of digital assets. This year, the company debuted funds to provide more exposure to Basic Attention Token, Livepeer, Decentraland, Filecoin, and Chainlink. The Decentraland Trust has seen some strong receptivity from the company’s clients as Sonnenshein said in an interview:
“We have had a front row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.”
The Solana network and its SOL cryptocurrency grew dramatically in 2021. the price went from $1.84 at the start of the year to more than $200 and it even outperformed Bitcoin and Ethereum in October after it increased by 41.9% for the month. The growing interest in Defi, NFT along with the high transaction fees on Ethereum pushed a lot of the trading volume onto the Solana Network. Anatoly Yakovenko as the co-founder of Solana was quite sparse with details about the new releases and the upcoming projects but did say that there’s nothing major on the roadmap so far:
“The reason why I, as an engineer, hate roadmaps is because it’s really hard to predict anything beyond two weeks.”
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