Greyscale, the digital currency investment group officially launched their latest fund that is solely dedicated to Stellar Lumen’s Token XLM according to their tweet reaching our crypto news today.
Greyscale has now approximately nine crypto funds that it operates and the company renamed all of their single-currency products to trusts. The company works as a ‘’single-asset investment products with maximum exposure’’ to Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and Ethereum Classic.
The managing director Michael Sonnenschein said on an occasion that this newest addition is happening because of the investors demand to try to get more exposure to XLM’s price movements:
“I think the theory is a sound one,” he said about Stellar’s business proposition for bridging crypto to fiat currency conversions. An American bank may be keeping large amounts of currencies in foreign banks, and to be able to bring those balances of foreign currencies onto a balance sheet as working capital is valuable. Financial institutions won’t be required to hold balances all over the place.
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This will improve efficiency and shore up balance sheets for other uses.”
Stellar had amazing performance especially in Q4 after striking a deal with crypto wallet provider Blockchain.com in order to start distributing XLM that is worth $125 million in an airdrop, hoping to increase bigger awareness and adoption.
In the meantime, Greyscale had a mixed year in 2018 after bitcoin dropped to its 15-month low at $3,130. The company’s Bitcoin Trust was worth less than $1 billion for the first time in 2018.
According to the crypto industry newsletter Diar’s research, Greyscale in the same apparently had holdings just over one percent of the total BTC in circulation.
After the announcement, Stellar increased up by 1.22 percent.
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