(Reuters) – Grayscale Investments said on Friday that it launched an investment fund for Dogecoin, while the asset manager of cryptocurrency seeks to exploit the growing momentum around Bitcoin alternatives.
The Grayscale Dogecoin Trust will offer investors the opportunity to expose itself to a token which, according to the company, has “passed from a same … to a tool of global financial inclusion and a viable means of payment”.
Investors are looking for gains beyond Bitcoin, and companies like Grayscale seek to exploit the growing popularity of altcoins-a term used for cryptographic tokens other than the largest cryptocurrency in the world.
“Dogecoin helps groups ill-served by the financial infrastructure inherited to participate in the financial system,” said Rayhaneh Sharif-Askary, product and research manager for Graycale.
Founded in 2013, Stamford, Grayscale, based in Connecticut, offers investors an exposure to the crypto via more than 25 investment products.
The trust, which is designed to follow the price of the Dogecoin market, is now available for subscriptions to eligible individual and institutional accredited investors.
The medal was conceived as a joke during a bubble of previous cryptography, but it regularly gained popularity, partly because of the support of the CEO of Tesla and the richest man in the world, Elon Musk.
It is now the eighth largest token in the world, with a market capitalization of around 50 billion dollars, according to data from the Cryptocurrency Data and Analysis Company.
The Ministry of Government Effectiveness (DOGE) – An advisory group led by muscles under the Trump administration aimed at cutting the US government – also refers to Dogecoin.
(Report by Arasu Kannagi Basil in Bengaluru; edition by Leroy Leo)