Grayscale investment fund has added another cryptocurrency to its already growing list of investment options, and this time it is the Stellar Lumen (XLM) token.
According to a tweet on Jan 17, the company announced that it had launched its stellar lumen trust, which is designed to give investors an exposure of the XLM features.
Prior to this time, the investment trust firm already provides support for single-asset trusts for a host of cryptocurrencies including- Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Ripple (XRP) and Zcash (ZEC).
Grayscale managing director, Michael Sonnenshein said in a press statement with fortune media that “the launch of this product will expand our coverage of the digital asset universe.”
He went further to say that the firm saw it as a necessity to include Stellar to the list of supported cryptocurrencies on its network, due to increased demand by investors of stellar services.
“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,” Sonnenshein said.
Since the Stellar blockchain was built as a low-cost payment network that serves as a bridge between two currencies to facilitate transactions, he is only hopeful that Grayscale would enjoy its countless benefits.
Understandably, the faster and low-cost payment feature cannot be attributed to the Stellar network alone, since Ripple XRP, another coin in their investment trust, also has the same functionality even though it is still in its trial phase.
Investors are hopeful that in the long run, Ripple and Stellar’s cross-border payment service would move from its trial phase and become widespread so that the value of these cryptos would skyrocket.