Ethereum Classic, an offshoot of Ethereum platform that came into existence following the hard fork is going the Bitcoin way. A renowned Bitcoin and blockchain investor, Barry Silbert is expected to launch an Ethereum Classic fund by the end of this month. The new fund will bear similarities to the existing Bitcoin Investment Trust.
In order to make investments in Ethereum Classic easier for the cryptocurrency community, the “new trust” will be buying and holding on to Ethereum classic tokens, making it easier for large ticket investors to involve themselves. A leading business news portal earlier today mentioned that Silbert’s upcoming investment trust would follow the same structure as the existing Bitcoin Investment Trust and it will be open only for a select few investors satisfying certain criteria.
Ethereum Classic started off well, rising in value due to increased initial demand. The cryptocurrency which made it to the top five cryptocurrency list gradually slid down to the currently held 7th place in terms of total market capitalization. With a total market cap of over $118.3 million, its value may start increasing in the coming days following the announcement of “Classic Ether Trust”.
Silbert in an interview said that the new trust might soon start trading over the counter just like Bitcoin Investment Trust, reports the publication. The decision to create an Ethereum Classic Trust is influenced by the investments made by both Silbert and his Digital Currency Group in the cryptocurrency platform. The trust will encourage others to invest in it as well, driving not only the cryptocurrency’s value but also that of previous investments.
Going by the recent developments and diversifying interests of Barry Silbert and his investment groups, the cryptocurrency community can expect more investment trusts, created around other leading cryptocurrencies as well. On the other hand, Bitcoin Investment Trust is currently waiting for approval to be listed on NYSE Arca Market.
The publication believes that the next trust to follow Ethereum Classic to be ZCash as Silbert happens to have invested in it as well. Meanwhile, the cryptocurrency community might want to keep a close eye on ETC prices as it may start increasing following an expected rise in demand.
Ref: Bloomberg Technology | Image: NewsBTC