- Grayscale launches 15th Investment product - a DeFi fund using CoinDesk's DeFi indices.
- The product will have 10 digital assets, including Uniswap (UNI), Aave (AAVE) and Compound ( COMP).
Grayscale, the world's largest digital currency asset manager globally, has partnered with media platform CoinDesk to launch a new DeFi Fund product. The fund will feature 10 altcoins in a market-capitalization-weighted portfolio designed to track CoinDesk's DeFi index. The latter, according to CoinDesk, is a robust institutional quality index for "indexes of rreference to one or more assets for cryptographic assets ”. "> For Grayscale, it will be the 15th company's product investment . According to today's product webpage, Grayscale has $ 3.4 million in assets under management in the DeFi Fund. In grayscale Investments CEO Michael Sonnenshein explained that DeFi Fund increases investor exposure to other parts of the crypto ecosystem.
Sonnenshein added that DeFi and the fund have attracted a "large " base of current and potential investors to the company.
Grayscale's 10 DeFi Fund digital assets include Uniswap (UNI), Aave (AAVE) and Compound(COMP). These three lead the way with 49.95%, 10.25% and 8.38% dominance respectively. The others are Curve (CRV), MakerDAO (MKR), SushiSwap (SUSHI), Synthetix (SNX) and Yearn Finance (YFI). UMA protocol (UMA) and Bancor Network Token (BNT) are also on the list.
It should be noted that CoinDesk, which is an information platform crypto, is owned by the Digital Currency Group, which is also the parent company of Grayscale.
Grayscale and the financial world
Founded in 2013, Grayscale had $ 40.3 billion in assets under management at the end of March of this year. With the company's products covering more than 70% of the digital currency market, Grayscale had 78% of multi-product investor inflows in March. 35% of these investors were interested in several financial services products.
Grayscale continues to grow.'' evolve alongside the digital currency market. , in partnership with investors as they adopt the new asset class. In March, the company added five new investment products, including the Basic Attention Token (BAT) Trust and the Chain (LINK) Trust. These have added to their single-asset investment products which provide exposure to
Recently, Grayscale hired BNY Mellon, to become the asset service provider for its flagship product, the Bitcoin Trust (GBTC). One of the most powerful banks in the world will now run the Bitcoin Trust, which has been converted into an SEC reporting company.
In the future, if the Bitcoin Trust Fund is converted to an Exchange Traded Fund (ETF), BNY will act as the transfer agency. As Sonnenshein stated, the involvement ofthe SEC was the third step in the Bitcoin Fund's transition to an ETF.
Digital Asset ETF
Sonnenshein maintains that Grayscale is still committed to its plans to become an ETF. In the meantime, the company is waiting for SEC officials to say the asset class is legal.
Until Now, cryptocurrency ETFs have encountered many hiccups, especially from the regulator. The US watchdog still believes that ETFs of Bitcoin and other cryptocurrencies are prone to fraud and market manipulation. For now, ETF enthusiasts look forward to pending SEC ETF decisions.