Breaking: Grayscale Launches MakerDAO Trust, MKR Price Soars 5%
Grayscale Expands with New MakerDAO Investment Trust Grayscale digital asset manager has unveiled its new MakerDAO Trust, a dedicated single-asset cryptocurrency investment vehicle offered through private placement. This initiative extends Grayscale’s portfolio of crypto-based trusts designed to enhance market exposure for investors. Following the announcement, the price of MKR initially surged by 8%, though it later lost these gains.Grayscale Rolls Out MakerDAO Trust In an Aug 13 press release, Grayscale announced the public launch of a MakerDAO Trust adding to its growing list of products. This move allows investors to gain market exposure to MKR, the utility governance token of the Ethereum-based autonomous organization, MakerDAO. Per the statement, the Trust is open to institutional and individual investors for daily subscriptions and functions like previous funds which will underpin investors to MakerDAO. Rayhaneh Sharif-Askary, the company’s Head of Research and Products pointed to the demand by investors for more crypto products stressing the firm’s commitment to innovative investment opportunities. “The launch of the Grayscale MakerDAO Trust allows investors to experience the growth of the entire MakerDAO ecosystem, aiming to remove DeFi’s dependency on traditional finance infrastructure by providing a permissionless, decentralized, and open stablecoin system.”The wealth manager doubled down on its principle of cutting-edge solutions within the crypto ecosystem expressing positivity after rolling out over 20 products. Aiming to reduce dependency on traditional finance, DeFi users have lauded the move across crypto spaces. Last week, Grayscale unveiled two investment products, the Sui Trust and the Bittensor Trust citing the need to meet growing demand.Crypto Users Sight Positives Following the announcement, crypto enthusiasts set sights on achievements hit so far including growing levels of exposure in the market. This in turn drives adoption in the crypto market as more institutional investors increase their appetite. Grayscale has been notable for driving this growth in recent years. A notable example was its landmark win over the Securities and Exchange Commission (SEC) leading up to the approval of spot Bitcoin ETFs. Since the launch of these products, billions have poured into the market with traditional firms increasing exposure and driving up assets under management (AUM). Additionally, it’s worth mentioning that MKR price traded at $1,972.47 today, a 0.35% decrease as of writing. Its 24-hour lows and tops were recorded as $1,939.25 and $1,993.82, respectively. David Pokima David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.