Investment firm VanEck launched the first exchange-traded fund based on Avalanche in the history of the crypto industry $AVAX .
The new ETF began trading under the ticker symbol VAVX. The fund is aimed at providing investors with access to returns at price and potential rewards for staking Avalanche. VanEck's Director of Digital Assets Kyle DaCruz stated that the Avalanche blockchain is unique in that it allows for the connection between traditional finance and blockchain.
The architecture of Avalanche is unique in that it bridges the gap between traditional finance and blockchain economics, with a particular focus on verifiable utility in the real world, said DaCruz.
Avalanche is the native cryptocurrency of the Avalanche blockchain, which was launched by Ava Labs in 2020 with the goal of improving the scalability, compatibility, and usability of existing cryptocurrencies. Currently, the AVAX cryptocurrency ranks 23rd by market capitalization. Over the past week, the altcoin has decreased by nearly 8.17% to $11.69.