US Osprey Funds launches Polygon investment trust
Osprey Funds, a crypto investment company based in New York, announced on the 21st that it will offer an investment trust of Polygon (MATIC) to qualified investors.
‘Osprey Polygon Trust’ is the first US fund to invest solely in the native token of the Polygon network. The minimum amount of investment required from investors is set at $10,000 and it plans to list on the major US OTC market ‘OTCQX’.
Indian-originated Polygon is a layer 2 network compatible with the Ethereum blockchain and offers a chain that works on the PoS mechanism. It currently has a market capitalization of more than $7 billion.
Its native token, MATIC, was trading at $1.09 at press time with a 24-hour price change of -2.80%.
Greg King, CEO of Osprey Funds said in a statement:
“Polygon is a disruptive Layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions.”
Osprey has continuously offered investors multiple investment products in various crypto assets. Osprey manages the Bitcoin (BTC) investment trust “OBTC” and launched the Polkadot (DOT) investment trust in April. The digital asset manager also launched the ALGO investment trust and Solana (SOL) investment trust in May and September respectively.
According to reports, Coinbase is the fund’s custodian whereas Theorem Fund Services will be the fund administrator. Accounting network Grant Thornton will be its auditor.
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