Leading asset management company Grayscale Investments announced on Tuesday that it has prepared a Trust product for Solana, the 4th largest altcoin project by market capitalization.
Adding another altcoin to the grayscale basket
The world’s largest cryptocurrency manager, which offers Bitcoin, Cardano and Ethereum Trust products to its customers, will now present Ethereum killer Solana to its customers. Trusts enable accredited investors to invest in newly launched investment vehicles without actually holding the underlying asset, thereby reducing the risks associated with custody. Alongside the new Solana product to be offered to customers, Grayscale CEO Michael Sonnenshein says the company’s offering package continues to expand with the wider crypto ecosystem:
We’ve been at the forefront of crypto adoption and adoption, and we’re increasingly seeing investors diversify their risks beyond cryptocurrencies like Bitcoin and Ethereum.
With the latest addition of Solana (SOL), Grayscale now consists of 16 products. With $35.7 billion under management, the Bitcoin Trust remains the company’s crown jewel.
Solana is just at the beginning of the road
Solana has managed to attract some of the market share of the world’s largest smart contract platform, Ethereum, with its high transaction speed and low costs. The project’s native token, SOL, is around 1% since the beginning of April. It has become one of the best performing cryptocurrencies of the year with an increase of over 000. Cryptocoin. com, Sam Bankman-Fried, the founder of the FTX exchange, said that Solana will probably overtake Ethereum. For now, such a scenario seems very distant, as Ethereum only accounts for 11% of Solan’s massive $553 billion market cap.