Grayscale Investments to launch Ethereum Classic Investment Trustbr>
Grayscale Investments announced the launch of a new product, Ethereum (ETC) Investment Trust or EIT.
According to Barry Silbert, Founder and CEO of the Digital Currency Group, the parent company of Grayscale Investments and Genesis Trading, the new product is modeled after the BIT. “It will be an open-ended trust that holds ETC,” he described. As such, the Trust can issue and redeem shares at any time. Regarding the decision to launch this new Trust.
“We’re excited about the potential for Ethereum Classic and the underlying token (ETC) and believe there is demand from investors that would like to invest in a vehicle that enables them to participate in the price movement via a titled security,” said Silbert.
ETC is the newer of the two Ethereum cryptocurrencies resulting from the July 2016 hard fork of the Ethereum blockchain. While ETC is the original protocol and has fewer modifications than the other Ethereum cryptocurrency (ETH), many of the developers and the community behind Ethereum have moved on to ETH.
While there is much to do before launching the EIT, Silbert said the company is “Planning to launch in Q1,” adding that they are “waiting for the monetary policy (supply cap) to get finalized.”