Representatives of the investment company Grayscale Investments announced the launch of a new investment product, Grayscale Stellar Lumens Trust, a fund that focuses on the Stellar Lumens (XLM) cryptocurrency.
XLM Foundation Launch
Grayscale Investments, which now manages nine crypto funds, noted that the launch of a fund dedicated to Stellar Lumens coincides with the start of a change in the company's image of its products - the company is renaming all single-currency products into trusts. Grayscale Investments now have Bitcoin (BTC), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), ZCash (ZEC), Stellar (XLM).
In an interview with Fortune representatives, Michael Sonnenschein, Managing Director of Grayscale Investments, noted that support for the XLM cryptocurrency was implemented due to demand from investors who wish to benefit from the movements in the XLM exchange rate.
Grayscale Investments, a New York-based company that began operations in 2013, has another product, the Digital Large Cap Fund. This fund allows accredited investors to invest in a basket of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. Digital Large Cap Fund assets are distributed as follows: Bitcoin (48.4%), Ethereum (29.2%), Ripple (12.7%), Bitcoin Cash (7.2%) and Litecoin (2.5%). Note that this news did not significantly affect the XLM rate. According to data from CoinMarketCap, the coin is currently trading at $ 0.10, the price even dipped slightly. Stellar is ranked 7th in the cryptocurrency rating by market capitalization - $ 2,038,253,078.