ALGO is the native token of the Algorand network.

Digital asset management firm Osprey Funds launched last week the Osprey Algorand Trust, which offers accredited investors an easy and cost-effective way to obtain exposure to ALGO, the native token of the Algorand network. Efforts are on to list the fund on the OTCQX market as soon as possible. (Business Wire)

Algorand blockchain

The Algorand blockchain network was founded by MIT professor and cryptocurrency pioneer Silvio Micali. It accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next-generation 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 decentralization,” said 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.”

“I am excited to see Osprey Funds expand the avenues of access for investors looking to participate in the Algorand ecosystem,” said 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.”

Osprey Algorand Trust

Coinbase (NASDAQ: COIN) is the custodian for the new fund. Accredited investors can invest in it with a minimum of $ 25,000. The private placement investment requires no wallets or keys and provides direct ownership of ALGO tokens. A lock-up period of 12 months shall apply.

No management fee will apply for all investors until at least January 1, 2023. Thereafter, the fee shall be 2.50% unless waived by the fund.

An application goes live on the Alogrand blockchain

In March, Società Italiana degli Autori ed Editori (SIAE), the major Italian copyright collecting agency founded in 1882, and Algorand announced the first major milestone of a project to create a blockchain-based open platform that allows transparent and efficient management of authors’ rights.

For the first time, copyrights could be represented in the form of digital assets. Over 4 million Non Fungible Tokens (NFT) were created and these would digitally represent the rights of the more than 95,000 SIAE member-authors.

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