Grayscale launches investment fund in Solana

Crypto-asset management company Grayscale this Tuesday (30) launched a new investment product supported by Solana (SOL), bringing smart contract and decentralized finance (DeFi) to more investors.

The new product, Grayscale Solana Trust, is already listed among the company’s other cryptocurrency investment products.

According to the statement released by the manager, the fund invests only and passively in Solana (SOL).

“Like the ETH network, the Solana network is one of several projects looking to expand the use of the blockchain beyond just a peer-to-peer cash system. The Solana protocol introduced the Proof-of-History (PoH) consensus mechanism as an alternative to Proof-of-Stake (PoS) and Proof-of-Work (PoW) blockchains,” the statement said.

Also according to the announcement, the fund is already open to accredited individual and institutional investors.

Grayscale Solana Trust

Grayscale Solana Trust is the company’s 16th product in its suite of investment offerings. Its other single asset investment products offer exposure to BTC (BTC), Ether (ETH), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and other currencies.

As CEO Michael Sonnenshein highlighted, Grayscale has been at the forefront of offering exposure to the crypto ecosystem:

“We had a front row seat for the acceptance and adoption of cryptocurrencies. And, increasingly, we find that investors are diversifying their exposure beyond BTC and ETH.”

Sonnenshein said the manager’s products will continue to expand as well as “this exciting asset class”.

To Forbes, Sonnenshein highlighted that there is “a continuing appetite to invest in Solana” among investors:

“What has been interesting about Solana is that it gives users the ability to learn, experiment and build.”