Cryptocurrency investment company Grayscale unveiled about its latest investment in Ethereum Classic (ETC) worth $ 90 million.
Conforming to the Grayscale website:
“Several digital currencies, each with unique comparative advantages, may radically transform legacy systems across nations and industries around the world, driving future economic growth and becoming more valuable as the keys to our digital, global economy. At Grayscale, we believe investors deserve an established, trusted, and accountable partner that can help them navigate digital currency investing.
That’s why we are building transparent, familiar investment products that facilitate access to this burgeoning asset class, and provide the springboard to investing in the new digital currency-powered internet of money.”
Grayscale invested $ 90 million in Ethereum Classic
Grayscale boasts a $ 1.5 billion investment in virtual assets. Of these, $ 1.38 billion is held in Bitcoin and $ 90 million in Ethereum Classic, meaning that ETC is the second largest asset Grayscale has invested in.
The investment of tens of millions shows us that Ethereum Classic is a cryptocurrency that should rule the crypto sector near Bitcoin and Ethereum. The financing decision does not imply any error as ETC has seen a significant increase in both the market cap and traded volume in the last year of activity.
In addition to this, ETC also enjoys international popularity, a part of which is due to its connectivity with the Ethereum network.
According to CoinMarketCap, Ethereum Classic has a market capitalization of $ 1,536,429,301 and is traded at $ 14.82, down 1.69%. The recent reduction in the value of the coin has been influenced by the presence of Bitcoin ETF news that appears to be a revolutionary service.
With more investments like the Grayscale one, Ethereum Classic network will definitely pick up in charts. The involvement of institutions in supporting the virtual currency will influence the price and why not steal part of Ethereum’s popularity.