Osprey Funds, a premier digital asset management firm, has launched the Osprey Algorand Trust for US and international investors.
The fund is the first investment product offering exposure to ALGO, the native token of the Algorand network.
Founded by MIT professor and cryptocurrency pioneer Silvio Micali, Algorand is a pure proof-of-stake blockchain that solves for speed, security and decentralisation. The network bridges decentralised and traditional finance by enabling leading-edge financial products, protocols and exchange of value.
“Algorand is a promising technology and attempts to solve the ‘blockchain trilemma’ by not sacrificing scalability, security or decentralisation,” says Greg King, CEO of Osprey Funds. “It is being used as the basis for cutting-edge projects, such as central bank digital currencies and non-fungible tokens. We’re excited to offer investors early and convenient access to ALGO via the Osprey Algorand Trust.”
The fund, custodied by Coinbase, is currently available to accredited investors for subscription with a USD25,000 minimum investment. The sponsor intends to pursue listing the fund on the OTCQX market as soon as possible and has agreed to waive the management fee for all investors until January 2023.
“I am excited to see Osprey Funds expand the avenues of access for investors looking to participate in the Algorand ecosystem,” says Dr Micali, Founder of Algorand. “Interest in Algorand’s technology continues to increase as new and exciting projects leverage the public Algorand blockchain and its growing ecosystem.”
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