Avalanche received good news from Grayscale and Franklin Templeton, AVAX "built a column"

AVAX token continues to "rise" when receiving news that Grayscale opened the Avalanche Trust fund, while Franklin Templeton's FOBXX fund expanded its scope of operations to Avalanche.

Avalanche blockchain (AVAX) on the evening of August 22, 2024 continuously received two good news from two "big" asset managers, Grayscale and Franklin Templeton, thereby witnessing strong growth of AVAX token in the last 24 hours, currently trading around 25 USD.

The start of this price increase was the announcement of Grayscale's Avalanche Trust crypto asset investment trust, to empower investors to access the AVAX token representing the Avalanche blockchain.

Like Grayscale’s other private offerings, the Avalanche Trust is only open to accredited investors, alongside a portfolio of 21 crypto-specific trusts including Bitcoin Cash (BCH), Chainlink (LINK), Decentraland (MANA), Ethereum Classic (ETC), Solana (SOL), MakerDAO (MKR), Bittensor (TAO), and Sui (SUI).

Grayscale Avalanche Trust offers investors the opportunity to gain exposure to Avalanche $AVAX, a three-chain smart contract platform that aims to solve the “#blockchain trilemma.”

Learn more about $AVAX, see important disclosures, or reach out to us: https://t.co/nBYomgEsA5 pic.twitter.com/M8sxefMrOw— Grayscale (@Grayscale) August 22, 2024

Following on from the $1.5 trillion asset manager Franklin Templeton also announced the expansion of its Franklin OnChain U.S. Government Money (FOBXX) fund to the Avalanche blockchain with the goal of expanding the fund’s user base. The fund is aimed at institutional and retail investors, who can hold tokens representing shares in the $420 million fund. Users can also purchase tokenized shares via the USDC stablecoin.

With a market capitalization of approximately $420 million and a 22% market share, the FOBXX fund is now the second-largest Real World Asset (RWA) fund among blockchain-based U.S. Treasury bond-linked products.

This is the fourth blockchain after Stellar, Polygon, and Arbitrum where investors can trade shares of this fund encoded as BENJI tokens.

BENJI is a token that represents shares in a fund that includes investments such as government securities, cash, and repurchase agreements and provides profits to those who hold this token. Previously, in April 2024, Franklin Templeton allowed investors to trade BENJI tokens directly with each other on the blockchain without having to go through a third party.

Global investment firm with $1.6T AUM expands its L1 blockchain footprint to Avalanche.

The Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) is the first and only U.S.-registered mutual fund to leverage a public blockchain as the system of record to process… pic.twitter.com/p9l8Whg88Y— Avalanche 🔺 (@avax) August 22, 2024

This move not only marks a major step forward in integrating blockchain technology into Franklin Templeton’s asset management process, but also a success for Avalanche as they are gradually trying to apply blockchain technology to life, with the latest move being selected by the California Department of Transportation (DMV) to digitize 42 million vehicle registrations onto Avalanche.

Vehicle registration digitization is an example of how blockchain technology can also bring similar benefits to administrative processes and large database management in the public service sector.

Data from DefiLlama shows that Avalanche is currently in the top 10 blockchains with the largest TVL in the cryptocurrency market with 898.55 million USD, equivalent to nearly 7% growth in the past week.