FintekNews writes a LOT about digital currencies, even while we send our newsletter daily primarily to wealth managers, broker/dealers, hedge funds and VCs. We know that many of the folks who get our daily newsletter and not all that interested in digital currencies, and yet we are here to SING IT TO THE RAFTERS that they had better be. Just last week, one Bitcoin surpassed the value of one ounce of gold, for the first time ever. And there are other digital currencies out there as well, including Ethereum. Digital currency advocate and investor Barry Silbert, is launching the first ever Ethereum classic private investment fund. To all of you naysayers out there who say digital currencies are a fad, do you remember "the internet" and what folks were saying about it in 1994?
(Cindy Taylor/FintekNews)
"U.S. investment firm Grayscale Investments plans to launch the first-ever private fund focused on ethereum classic, a blockchain platform, according to Barry Silbert, founder of the company's parent Digital Currency Group.
Ethereum classic's token is the seventh largest digital currency in terms of market capitalization, totaling $126.6 million. The coin powers a decentralized blockchain hub in which developers can create different applications that can dramatically enhance the transfer and sharing of information and value.
Ethereum classic was built on the same fundamental principles as bitcoin: decentralization and immutability.
On Monday, ethereum classic traded at $1.42 on digital asset exchanges.
"As investors have grown more interested in digital currency as an asset class, we've also seen growing frustration with the difficulty in purchasing non-bitcoin digital currencies," Silbert told Reuters.
"We're excited to launch a fund for ethereum classic to satisfy the growing interest we are seeing in ETC from more mainstream investors."
The ethereum classic fund will be an open-ended trust that can raise an unlimited amount of capital, Silbert said. Digital Currency Group will be seeding it with its own capital and it will be offered initially to accredited investors, he added...."
Read Full Article at Reuters