Grayscale Investments has officially made the long awaited Ethereum Classic Investment Trust available to investors on the market. The trouble solid announced on Midweek that the fund is alive for accredited investors.
The fund is non the outset offering from the firm. Barry Silbert introduced a like fund for Bitcoin tracked shares equally early on equally inward 2013.
The fees differ though. While the Bitcoin Trust has an annual fee of 2 percent, the novel Ethereum Trust is at 3 per centum this includes a 1 per centum “development contribution” that Silbert announced. This volition become to evolution too marketing of the currency for the outset 3 years.
Conflict of interests
The initial upper-case alphabetic quality comes from Silbert himself, Digital Currency Group too Glenn Hutchins who is the co-founder of soul investment society Silver Lake.
When the fund was initially announced, merely about inside the community raised questions most a possible conflict of interest, or rather the influence of the fund via Digital Currency Group.
DCG has trouble organization interests inward word provider CoinDesk.
ETC cost skyrockets
The trust was announced to the populace inward early on 2016 too right away caused waves inward the ETC market, which was depressed since the fork of Ethereum/Ethereum Classic. The anticipation of the fund going alive has already caused a surge of over 200 per centum over viii weeks for the $419.1 mln marketplace position upper-case alphabetic quality of ETC.
Silbert explains to Reuters:
“We’re excited most the Ethereum Classic, equally opposed to Ethereum because ETC has a fixed furnish too the potential to serve the smart contract too micropayment layer to the Internet of Things.”
All eyes on SEC
Although the Winkelvoss application for an ETF was shot down, the cards are dorsum on the table.
As Cointelegraph reported, the SEC is reconsidering a set out of central traded funds that could last made available to the public. Ethereum’s possibility has gained renewed involvement afterward it was pointed out that the digital currency is non purely a shop of value.
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