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Digital asset investing giant, Grayscale has launched the Solana trust product


November 30, 2021 · By Muhammad Awwal
Solana (SOL)

Grayscale, a cryptocurrency asset management and investment firm, is launching a new product that provides exposure to Solana, one of the trendiest digital currencies today.

The newly established investment vehicle allows accredited investors to acquire exposure to the Solana blockchain network native currency “Ethereum killer” without actually holding the underlying asset, reducing custody concerns.

The price of Solana’s SOL currency has risen this year, with a year-to-date return of about 17,000 percent, outperforming many other cryptocurrencies as this unique blockchain project continues to gain traction

According to Grayscale CEO Michael Sonnenshein, the company’s range of solutions is growing in tandem with the broader crypto ecosystem:

“We have had a front-row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.”

Grayscale Products now has 16 investment trusts with a total of $37.1 billion under management, according to the firm’s website.

Solana uses a combination of proof-of-stake (PoS) and proof-of-history (PoH) consensus techniques to improve performance and scalability. As a result, the network claims to be able to process 50,000 transactions per second (TPS), making it the fastest blockchain in the world.

The Solana token, SOL, rally this year can be linked to the network’s rapid growth as well as investors’ and backers’ belief in the network’s technology potential.

There are approximately 350 initiatives in Solana’s ecosystem including decentralized finance (DeFi) apps that provide free financial services without the need for an intermediary, non-fungible token (NFT) activities, gaming apps, and more.

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