Leading financial services firm Valkyrie Digital Assets has launched a new fund that offers investment only in DeFi altcoin project Avalanche (AVAX), according to a press release earlier this Wednesday.
Valkyrie has launched a fund for DeFi altcoin project Avalanche
Valkyrie Digital Assets CIO Steven McClurg drew attention to the altcoin project’s ability to perform ‘extremely fast’ transactions. Investors must deposit at least $25,000 in the fund. The investment vehicle offers stock redemptions on a daily basis.
The new investment vehicle is expected to be launched upon institutional adoption of Avalanche. Steven McClurg says sophisticated investors are increasingly seeking new projects in the decentralized finance (DeFi) sector.
In April, we reported at Kriptokoin.com that Ava Labs, the Brooklyn-based company behind the popular DeFi altcoin project, has secured $350 million in funding. Avalanche (AVAX) is currently the 11th largest cryptocurrency by market cap, trailing behind stablecoin TerraUSD (UST).
Avalanche is the fourth largest Proof of Stake (PoS) blockchain project by total locked value (TVL), according to data provided by DeFi analytics platform DefiLlama. The DeFi altcoin has been outperforming the market, with an increase of around 15% in the last 24 hours, as the crypto market recovered under the leadership of the leading crypto Bitcoin after the Fed decision.
With the addition of a growing family of funds
Avalanche Valkyrie Trust (VAVAX), Valkyrie now operates a total of seven investment vehicles that track the value of individual cryptocurrencies. The Nashville-based financial firm offers the ability to purchase cryptocurrencies such as Bitcoin (BTC), Algorand (ALGO), Dash (DASH), Polkadot (DOT), TRON (TRX) and Zilliqa (ZIL) through funds.
In addition, Valkyrie operates a multi-token fund. As Cryptokoin.com previously reported, the exotic product featuring only PoS cryptocurrencies was launched in late April. Also, earlier this year, Valkyrie hit its first major milestone, surpassing $1 billion in assets under management. Last October, Valkyrie made headlines after launching the second Bitcoin exchange-traded fund (ETF).
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