Targeting class of investors who are not interested in holding or trading ETH directly Galaxy Digital is planning a new fund for Ethereum’s native coin Ether.
According to documents shared with clients and reviewed by the Block, Galaxy Digital is launching an investment vehicle called Galaxy Ethereum Fund. Along with Galaxy Ethereum Fund, the firm will be launching with other two funds that will be targetted towards onshore and offshore institutional investors.
The firm is aiming to provide exposure to Ether (ETH) by using investment vehicle structured as security. The pricing for the fund will be drawn from Bloomberg Ethereum Index and the fund will be underwritten by Galaxy.
Galaxy Digital considers investing in its Ethereum fund as similar to investing in early-stage “high-growth technology stocks” that provides investors with exposure to next-gen smart contracts and decentralized applications.
The funding profile indicates the launch of Defi products as an area of potential growth for the Ethereum network. Most of these Defi projects will be based on Ethereum tokens. Pointing out to Defi market in its product pitch, the firm notably said “Six applications in the Decentralized Finance space are now worth more than $1 billion and are generating up to $100s of millions in annualized revenues.” The intent is clearly to indicate the future of finance lies in decentralization.
The Galaxy Digital suggests what’s good for the Ethereum network is good for its native cryptocurrency Ether (ETH). Seven years post its launch, the world’s second-largest cryptocurrency has reportedly rallied and its value is prognosticated to follow the Bitcoin trend. The cryptocurrency market is exploding. We know of millionaires who have been locked out of fortunes, do not repeat their mistakes. If you have invested in cryptos keep them safely in XcelPay Wallet. Integrated into an easy to use, XcelPay Wallet is a crypto wallet that can be used on both mobile and tablet. The Wallet app uses a fingerprint or Face locker to keep your digital assets safe and secure.XcelPay Wallet is available for download on Google Play Store and iOS App Store.
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