Grayscale Investments announced yesterday that it will offer a dedicated fund for Stellar — to allow professional investors to gain exposure to its token Lumens.
Stellar is currently the sixth largest cryptocurrency in terms of market capitalization. It is quoted around $0,10 and registers a price increase of almost 1 percent in the last 24 hours, at press time. The project aims to turn Lumens part of real world banking operations.
This new fund, the “Stellar Lumens Trust”, is Grayscale Investments ninth product of such kind. The company is also behind the popular “Bitcoin Investment Trust” and has products for Ripple’s XRP, Ethereum and other cryptocurrencies.
The initiative — created as an answer to investors demands, according to Grayscale’s managing director, Michael Sonnenshein — will most likely give a boost to Stellar. Sonnenshein is optimistic regarding Stellar’s use as a tool for transnational operations.
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