Grayscale launches Stellar-focused trust

Grayscale Investments offers XLM-based investment instruments.
XLM/USD remains rangebound despite positive news.

Tanya Abrosimova Independent Analyst

An investment company Grayscale Investments officially announced that Grayscale Stellar Lumens Trust had been formally launched. The fund is focused solely on XML.

"We are excited to announce two big developments! First, today marks the launch of Grayscale Stellar Lumens Trust! Investors can now gain exposure to the price movement of XLM through a traditional investment vehicle," the company announced on Twitter.

Along with that, it re-named the products based on a single digital asset. The public quotation symbols will remain $GBTC for Grayscale Bitcoin Trust and $ETCG for Grayscale Ethereum Classic Trust.

According to the information on the website devoted to the Trust, investors will be able to capitalize on the price movement of XLM via traditional investment instruments. It means that they will be safe the trouble of buying, storing, and safekeeping XLM.

Potentially, this is a positive fundamental development for XML. However, the coin is lethargic at this stage, moving in sync with the broader market. XML/USD is changing hands at $0.1064, gaining over 2% since this time on Thursday. The coin with a market value of $2B takes the 6th place in CoinMarketCap rating.

Earlier we reported that cryptocurrency experts wait for a strong XML growth in 2019.

Author

Tanya Abrosimova

Independent Analyst

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