Valkyrie launches new crypto trust on Avalanche (AVAX)

The Valkyrie Avalanche Trust is targeted for accredited investors only.

Digital asset investment manager Valkyrie has officially launched a new crypto fund trust pegged on the Avalanche (AVAX) cryptocurrency.

The new trust, the Valkyrie Avalanche Trust (VAVAX) will offer institutional investors an opportunity to invest in Avalanche’s native token AVAX.

The trust offers exposure to Avalanche amid increased interest among institutions in the industry’s decentralised finance (DeFi), non-fungible token (NFT) and other crypto projects.

Currently, Avalanche is one of the leading platforms for these projects. Accredited investors now have an opportunity to access the ecosystem via a secure trust fund.

“Today, we are proud to announce the Valkyrie Avalanche Trust (VAVAX). Avalanche has rapidly ascended the digital asset rankings to play a significant role in #DeFi. VAVAX provides secure access to Avalanche’s native currency, $AVAX, within the ease of a trust vehicle,” Valkyrie said in an announcement on Wednesday.

The launch of the Valkyrie Avalanche Trust (VAVAX) comes just weeks after the investment manager announced the Valkyrie Multi-Coin Trust. The trust also held AVAX, with other assets included being Binance’s BNB, Polygon (MATIC) and Terra (LUNA).

Valkyrie also offers single-asset trusts for Bitcoin (BTC), Dash (DASH), Tron (TRX), Ziliqa (ZIL), and Polkadot (DOT).

AVAX was trading around $61.25 at the time of writing, up 2.3% in the past 24 hours. The slight gains for the cryptocurrency come amid broader weakness across the crypto markets, with AVAX/USD down more than 10% over the past week.