Canary Funds has launched an investment vehicle called the Canary HBAR Trust in the US to provide institutional investors with exposure to HBAR. The investment vehicle is part of Canary Fund’s goal to pave the way for HBAR exchange-traded funds (ETFs). HBAR is the native digital asset of the Hedera Network. The Hedera Network actively supports asset tokenization, Web3 deployment and application, and NFT issuance. The Trust Fund will require individual investors to meet certain requirements before being accepted.
Canary Funds was developed by Steven MCCLURG, former co-founder and CIO of Valkyrie Funds. Valkyrie Funds is an approved exchange-traded fund that issues the Valkyrie Bitcoin ETF, which is listed on the NASDAQ exchange. According to a statement from the Hedera Foundation, the Trust aims to capitalize on the institutional capital of large investors in the US who have previously been excluded. The newly created Trust Fund will now give large investors access to HBAR tokens.
The Hedera Foundation announcement also details that increasing the availability of institutional capital for HBAR could open up more investment vehicles for institutions looking to tap into the digital asset industry. Demand for institutional access to cryptocurrencies has grown since the beginning of the year, when the U.S. Securities and Exchange Commission approved Bitcoin and Ethereum ETFs.
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