Justin Sun led Tron Foundation partnered with Valkyrie investments to launch the Valkyrie Tron trust on September 17, 2021. According to the press release, the latest joint trust is the first of its kind offering by the Tron ecosystem in terms of global institutional-grade funds in recent times. The report stated that it will begin with $55 million in assets under management [AUM] with a plan to register for listing in the US in 2022.
Tron Foundation’s Justin Sun asserted that the ecosystem has emerged as one of the most inclusive blockchains due to the two most important factors- energy-efficient and cost-effective. He added,
“Tron was incepted with a mission to decentralize the Web. TRX is the layer-1 token of the network that powers the entire Tron ecosystem. This is the initial step in its upcoming strategic initiatives to be announced shortly.”
Since its inception, the TRX network has raked in total assets worth $50 million and more than 54 million users globally. Additionally, it houses, Tether, the largest stablecoin by market cap of more than 50% share.
Valkyrie, a US-based digital asset investment firm, had earlier launched crypto trusts that include Bitcoin [BTC], Algorand [ALGO], Polkadot [DOT] besides TRX. The firm is one of a few prominent asset management firms to file for a Bitcoin ETF this year. TRX’s latest joint venture is expected to help it expand into the US market.
On the other hand, TRX has declined significantly over the last 24 hours. TRX was down by 6% and was trading at $0.108 at press time, in response to market-wide sideways price movement.
Tron Foundation’s latest development
The recent development of the foundation partnering with Valkyrie comes days after Gate.io joining the TRX ecosystem. Under this deal that involved integration with the TRC721 standard and BTFS, Gate.io’s decentralized applications [DApps] would become fully compatible with the TRX blockchain.
Additionally. the crypto exchange will partner with APENFT Foundation to release the first on-chain display of the non-fungible token [NFT] work “UNTITLED [KIMPSONS]” by KAWS on September 15.