AVAX, the token of the Avalanche network, has been on the rise yesterday with two important news. Grayscale announced that it has created a new fund specific to AVAX, while investment company Franklin Templeton announced that it will also move its money market fund to the Avalanche network.

The new fund, called Grayscale Avalanche Trust, will allow accredited investors to invest in AVAX. Rayhaneh Sharif-Askary, the company’s product and research manager, said: “Through its key strategic partnerships and unique, multi-chain structure, Avalanche is playing a pivotal role in the advancement of RWA tokenization,”

On the other hand, Franklin Templeton is expanding its tokenised money market fund of approximately half a billion dollars to the Avalanche network after Stellar, Polygon and Arbitrum. The fund is important as it is the second largest tokenised fund after BlackRock’s BUIDL fund.

AVAX price welcomed these two developments positively. The cryptocurrency was traded at $23.40, up 8.5% to $25.35.