Crypto asset management firm Osprey Funds has launched a Polygon trust product for private placement.
The product will offer exposure to MATIC, the native token used on Polygon, an Ethereum Layer-2 blockchain network. Osprey said it is the first investment product in the U.S. to invest exclusively in MATIC. Osprey rival Grayscale recently said it is exploring to launch a trust product tied to MATIC but has yet to launch one.
The Osprey Polygon fund is currently available to accredited investors for subscription with a $10,000 minimum investment. The asset manager said it intends to pursue listing the fund on the OTCQX over-the-counter market "as soon as possible" and has also waived the 2.5% management fee for all investors until January 2023.
The Polygon fund is Osprey's fifth trust product. The firm recently launched a Solana (SOL) trust and also offers products tied to bitcoin (BTC), Polkadot's DOT, and Algorand's ALGO tokens.