Grayscale Investments, the operator of the Bitcoin Investment Trust, has recently officially announced the launch of the Stellar Lumens (XLM) investment product, which appears to stimulate Wall Street’s interest.
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Grayscale, one of the leading providers of digital currencies in the crypto business of the venture capital firm Digital Currency Group, launched its own Stellar Lumens Trust on Thursday to focus on XLM, an asset often associated with the Ripple XRP.
The Stellar project, supported by Jed McCareb-funded Development Fund, is a blockchain-based project focused on the revolution of the global banking system from the start.
Grayscale’s new offering is similar to its investment trusts for BTC, XRP and other well-known cryptocurrencies. In fact, the Grayscale XLM Trust is the ninth product in the field.
Grayscale’s Managing Director, Michael Sonnenshein, stated in a statement that “the launch of this product will expand our coverage of the digital asset universe.”
The company will continue to provide “investors with access to established blockchain projects with significant traction and resources,” he said.
In an interview with the media, he explains the reasons of his company.
According to Grayscale’s insider, the creation of the Stellar Lumens Trust is a by-product of the product demanded by customers. The former employee of J.P. Morgan, Barclays and Bank of America, Sonnenshein, expressed their optimism about Stellar’s financial perspectives, especially in foreign exchange and cross-border litigation. Referring to the Stellar technology and the proposed use cases, the manager explained:
An American bank can hold large amounts of currencies in foreign banks and be able to balance these foreign currency balances, as working capital is valuable …. [With Stellar,] financial institutions will not be required to hold balances everywhere. This will improve efficiency and support the balance sheets for other applications.
So many XLM Grayscale
Grayscale’s information indicates that the Stellar Lumens Trust is starting to invest $ 0.4 million under administration, with approximately 3,870,000 XLMs currently owned by Grayscale.
The launch of Grayscale’s XLM fund is months after the company has entered into a multi-million dollar bet on Horizen’s ZEN, an emerging, privacy-focused digital asset for the benefit of security-conscious investors.
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