Cryptocurrency asset manager Valkyrie Investments announced the launch of a new product for accredited investors with a focus on the native token of the Avalanche network.
About Launching the Avalanche Trust (VAVAX) Valkyrie Project reported on Twitter. The trust has already raised $25 million, according to people familiar with the matter. The Avalanche Trust has become one of AVAX’s few dedicated accredited investor funds.
.@ValkyrieFundsone of the industry’s leading digital asset investment managers, has announced the launch of the Valkyrie Avalanche Trust (VAVAX), to provide institutions with cost-efficient and secure access to $AVAX. https://t.co/ssEDx81lEf
— Avalanche (@avalancheavax) May 4, 2022
The launch of the Avalanche Trust comes two weeks after Valkyrie established the Multi-Coin Trust, which invests in an AVAX-enabled basket of base-tier tokens with a monthly redemption schedule.
“By launching a new trust, we can give qualified investors access to the protocol they keep asking about. As DeFi projects, NFT platforms and many other projects are increasingly starting to build on the Avalanche blockchain,” explained Valkyrie Investments.
According to the announcement, Avalanche Trust has a $25,000 minimum investment threshold with a 2% management fee and daily share redemption.
Copper Technologies will act as custodian of the trust funds, Cohen & Company will be responsible for auditing and taxation, and Chapman + Cutler LLP will provide legal advice.
The purchase of other assets, except for the native token of the Avalanche network, is not provided in VAVAX.
At the end of April, the president of AvaLabs, which developed the Avalanche blockchain, John Wu spoke about plans to launch his own wallet and his vision of how it should work. In a recent Decrypt podcast, John Woo said that the Avalanche team plans to develop a wallet that is easy to use and suitable for people who are completely new to cryptocurrencies.
Source: Bits
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