Asset management company VanEck has submitted a request to launch an exchange-traded fund (ETF) to track the price of the avax currency associated with the Avalanche platform.
Investment firms continue to introduce new products targeting investors looking for the next promising digital currency, driven by the extraordinary rise of Bitcoin.
Earlier this month, Franklin Templeton, another asset management company, submitted a request to launch an ETF linked to the spot price of XRP.
The company had also submitted a request in February to launch an ETF to track the spot price of Solana.
The current market capitalization of the avax currency associated with the Avalanche platform is approximately $8 billion, according to data and analysis company CoinGecko.
