[2017-04-26] ToI: U.S. investment firm launches $10 mln eth classic private fund

U.S. investment firm launches $10 mln ethereum classic private fund

http://timesofindia.indiatimes.com/business/international-business/u-s-investment-firm-launches-10-mln-ethereum-classic-private-fund/articleshow/58384918.cms

U.S. investment firm Grayscale Investments has launched the first private fund focused on ethereum classic, a blockchain platform, with a seed capital of $10 million, Barry Silbert, founder of the company's parent, Digital Currency Group (DCG), said on Wednesday.

The fund is called Ethereum Classic Investment Trust, with the initial capital provided by Silbert, DCG and Glenn Hutchins, co-founder of private investment company Silver Lake.

The new fund will track the price of ethereum classic, the sixth-largest digital currency in terms of market capitalization, totaling $419.1 million.

The coin powers a decentralized blockchain network in which developers can create different applications that can facilitate or enhance the transfer and sharing of information and value.