Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: cryptochris1 on January 18, 2019, 04:42:48 AM
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Grayscale investments announced today it will offer a fund to let professional investors get exposure to Stellar and its digital currency Lumens. It's their latest , others they've created are the Bitcoin Investment Fund, XRP, Ethereum and Zen.
Managing Director Michael Sonnenshein stated that the Stellar Fund came in response to investor demand. He also said he is bullish on Stellar's real world use case of acting as a bridge currency in transnational money corridors.
"I think the theory is a sound one. An American bank may be keeping large amounts of currencies in foreign banks, and to be able to bring those balances of foreign currencies onto a balance sheet as working capital is valuable" he said "Financial institutions won't be required to hold balances all over the place. This will improve efficiency and shore up balance sheets for other uses."
Grayscale's decision to create a dedicated fund for Stellar is likely to give the currency a boost given that the firm has a roster of well heeled clients including hedge funds and family offices.
Stellar, also backed by Stripe,is also pushing to make Lumen's currency part of banking operations.