An altcoin fund launched by crypto investment giant Grayscale in 2019 made a 3-digit rally as the markets opened today. The company has not yet given any details about the price increase.
Grayscale-backed altcoin fund skyrocketed 150% in a matter of hours
Grayscale’s XLM fund, which invests in XLM and trades in OTC markets, saw its share price skyrocket as markets opened today. The price of the fund, which is traded with the GXLM code, has gained more than 150% in a few hours. It rose from $12.25 to $32.59 in the first place. After a slight correction, it is back up 100% to $24.10. The GXLM fund is now worth three times the altcoin it is based on, XLM. The fund was launched in 2019 and Grayscale has yet to make a statement regarding the price increase.
Launched in January 2019, the GXLM fund currently manages $6.6 million worth of assets. The historical performance of the fund has been quite dynamic. The share price dropped to the level of $3 in 2020, but rose as high as $95 in October 2021.
A seismic shift is taking place among institutional investors
The recent rally could signal a renewed institutional interest in banking-focused Stellar Lumens (XLM). The jump in GXLM funding also marks an extraordinarily impressive rise. It shows a significant development behind the scenes. Here are some of the services that the project promises to institutional investors as to why XLM is getting so much attention:
- Soroban: Soroban is Stellar’s upcoming smart contract layer. Stellar’s new technology is expected to go live in September 2023.
- MoneyGram access: Important for institutional investors in cash-to-crypto integrations built on Stellar. Users can convert their local currency to USDC at MoneyGram locations here.
- UNHCR refugee aid support technology. UNHCR’s recent introduction of cash-based aid payments has given people in Ukraine a new system. The system works using Stellar’s, Circle’s USDC stablecoin, and MoneyGram Access technology.
- Coinbase Stellar adds USDC. Coinbase users can now access using local currency with services like MoneyGram access. This allows anyone, even those without banking access, to convert money to USDC and vice versa and bridge to the token base.
CoinShares reports that there are Bitcoin entries installed on Grayscale
Companies like Grayscale reported last week that a total of $188 million has been entered into Bitcoin. Bitcoin with a short position, on the other hand, has been out for nine weeks and has experienced an exit of $ 4.9 million. Ethereum, on the other hand, received an inflow of $ 7.8 million. This shows that interest in Ethereum is currently lower than Bitcoin.
cryptocoin.com As we have reported, CoinShares states that the excitement for altcoins has not yet been reflected. Meanwhile, altcoins like XRP and Solana recorded “very small” entries throughout the week.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.