Breaking: Grayscale Launches MakerDAO Trust, MKR Price Soars 5%

Digital asset manager Grayscale has announced the launch of its MakerDAO Trust, a new single-asset cryptocurrency investment fund through private placement. This follows a similar rollout of other crypto-based trusts to create investor exposure in the market. The price of MKR reacted positively with a 5% uptick.,In an Aug 13 press release, Grayscale announced the public launch of a MakerDAO Trust adding to its growing list of products. This move allows investors to gain market exposure to MKR, the utility governance token of the Ethereum-based autonomous organization, MakerDAO. ,Per the statement, the Trust is open to institutional and individual investors for daily subscriptions and functions like previous funds which will underpin investors to MakerDAO. Rayhaneh Sharif-Askary, the company’s Head of Research and Products pointed to the demand by investors for more crypto products stressing the firm’s commitment to innovative investment opportunities.,The wealth manager doubled down on its principle of cutting-edge solutions within the crypto ecosystem expressing positivity after rolling out over 20 products. Aiming to reduce dependency on traditional finance, DeFi users have lauded the move across crypto spaces. Last week, Grayscale unveiled two investment products, the Sui Trust and the Bittensor Trust citing the need to meet growing demand.,Following the announcement, crypto enthusiasts set sights on achievements hit so far including growing levels of exposure in the market. This in turn drives adoption in the crypto market as more institutional investors increase their appetite. Grayscale has been notable for driving this growth in recent years.,A notable example was its landmark win over the Securities and Exchange Commission (SEC) leading up to the approval of spot Bitcoin ETFs. Since the launch of these products, billions have poured into the market with traditional firms increasing exposure and driving up assets under management (AUM). ,