Grayscale Investments, the world’s largest crypto asset manager, has announced the launch of Grayscale Solana Trust, the sixteenth product in Grayscale’s suite of investment offerings, for accredited investors via private placement.
According to the report, the Trust is solely and passively invested in the digital asset SOL, the native token of the Solana network, a smart contract platform launched in 2017. The launch comes two months after Grayscale rival Osprey Funds launched a Solana trust product.
Reacting to the new development, Grayscale CEO Michael Sonnenshein, said:
“For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem.
“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. Our family of Grayscale products will continue to expand alongside this exciting asset class, as we remain committed to offering investors opportunities to access the digital economy.”
The report says that the newly launched Trust is now open for daily subscription by eligible individual and institutional accredited investors.
Such as the Ethereum network, Solana network is intended to expand blockchain use beyond just peer-to-peer (p2p) money system. As an alternative to proof-of-stake (PoS) and proof-of-work (PoW) consensus algorithms, Solana introduced the proof-of-history (PoH) protocol.
Solana (SOL) Steady Growth
Among decentralized finance (DeFi) projects, Solana, a notable rival of Ethereum blockchain, is getting popular on a daily basis.
In recent months, the price of the cryptocurrency has surged from $50 to over $200. At the time of writing, Solana (SOL) is trading at $214.08.
As the blockchain gains traction, the demand for SOL among retail and institutional investors is also increasing, giving analysts the assurance of seeing Solana (SOL) trading above $300 soonest.