Global investment company – Grayscale Investments – has officially reported business expansion move with the launch of a new investment fund in the crypto market.
According to the press release posted Thursday, the company's new project will be called Grayscale Stellar Lumens Trust and will represent a trust fund that will deal only with Lumens (XLM). For reference, the company now has eight "single-asset investment products" without the new one.
"We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources," said in the press release Michael Sonnenshein, Managing Director of Grayscale.
As the company commented, they have decided to develop new product seeing stronger demand from investors. With the new product, investors will deal with XLM prices via "a traditional investment vehicle", so they will not have to acquire and hold coins.
The company's single-asset trusts provide access to different coins, including bitcoin, Bitcoin Cash, Ethereum and XRP.
Michael Sonnenshein also stated that Stellar has good potential in the current market environment to become a part of the banking operations in the real world.
Along with the new product, the company unveiled new names of the previously launched instruments. In particular Grayscale revised single-asset trusts for bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Horizen, Litecoin, XRP and Zcash. As a result, these trusts are now called as follows: Grayscale Bitcoin Trust™, Grayscale Bitcoin Cash Trust™, Grayscale Ethereum Trust™, Grayscale Ethereum Classic Trust™, Grayscale Horizen Trust™, Grayscale Litecoin Trust™, Grayscale Stellar Lumens Trust™, Grayscale XRP Trust™, Grayscale Zcash Trust™.