Valkyrie Investments has launched its latest cryptocurrency trust with Algorand (ALGO). The company announced the latest proof-of-stake cryptocurrency trust with Algorand (ALGO) in a blog post.
Valkyrie Made Crypto Purchase Insurable and Cost-effective
Algorand Trust will be the company’s third investment vehicle. It already operates a Bitcoin Trust and a Polkadot Trust.
Valkyrie now offers investors the opportunity to purchase cryptocurrencies in an insurable and cost-effective way. The trust also offers investors an annualized return of 4 to 6%.
Leah Wald, CEO of Valkyrie Investments, commented on the newly added content: “Algorand is a rapidly growing, innovative blockchain network with a number of significant projects being built on it, we couldn’t be more excited to offer this Trust, and are doing so in response to significant demand from the investors we speak to on a weekly basis.”
Valkyrie also hopes to generate income from the ALGO trust by leasing the rights held therein by ALGO to participate in the Algorand network mortgage consensus mechanism. Currently, the fund is open to qualified investors with a minimum investment of $25,000.
W. Sean Ford, Algorand’s Chief Operating Officer, also commented on the addition of ALGO Trust to Valkyrie’s current products. He said, “Valkyrie is a leader in digital asset products and we are excited that they are expanding the equity opportunities for those who wish to be part of the evolving Algorand ecosystem.”
Valkyrie Becomes an Important Institutional Participant
The company described its employees as “true cryptocurrency enthusiasts who speak globally as thought leaders about the latest technological developments alongside cryptocurrency’s investment opportunities and money management strategies.”
They recently received $10 million in Series A funding. The company has received funding from multiple industries, including finance, sports, and media. Popular cryptocurrency enthusiasts to invest in include Tron founder Justin Sun and Litecoin founder Charlie Lee. The company will use the funds to expand its workforce in Nashville, Tennessee.
