The digital asset industry’s biggest manager, Grayscale, revealed that it was considering the addition of new cryptocurrencies as investment products. The business has mainly Bitcoin, Ethereum, and a few other coins as investment products currently. If the asset manager finally adds the new cryptocurrencies, it would give investors a more comprehensive option range and help them grow rapidly. People link Grayscale’s Bitcoin volume as a significant reason behind the asset’s impressive growth.
Since its creation, the management firm has expanded, showing that the crypto industry is getting more investors’ demands than it used to get. Although the asset manager is still looking at the assets, sources claim that the firm would likely add the tokens soon as investors demand their addition.
Grayscale to add new cryptocurrencies
As the digital asset industry keeps growing, many firms create new projects that would attract the mainstream’s attention. Cryptocurrency adoption is gradually coming to place as investors want to explore the opportunities that come with the coins, such as high returns over a short period and time efficiency for settling cross-border payments.
The business revealed through a press release that it would pick new cryptocurrencies from its shortlist to make up the new investment products. This means that Grayscale would get the new additions from the shortlist. The firm’s CEO, Michael Sonnenshein, said that cryptos would stand for bold and innovative opportunities to satisfy the customer’s demand for digital assets exposure.
According to the entrepreneur, not every crypto in the shortlist would become an investment product but would try to diversify the crypto space as it’s mainly based on Bitcoin. Many digital assets are now in the crypto industry, and this means that people should explore other digital assets aside from Bitcoin. The firm’s plan to diversify the industry is understandable as other assets are not pulling in as many investors to enable a growing industry.
Grayscale reveals cryptos in its shortlist
The asset manager has already added some well-known digital assets as investment products, such as Bitcoin, Litecoin, Ethereum, Horizon, and Zcash. The firm gives investors indirect exposure to digital currencies, which reduces the hassle of owning a wallet. The shortlisted cryptocurrencies include DeFi products, highly demanded cryptos, and VC-backed cryptos.
The shortlist has Cardano, Polkadot, EOS, Aave, Synthetix, MakerDAO, and yearn finance. The list also has VC-backed projects such as Filecoin and Chainlink. Many people already know the cryptos included in the shortlist because Grayscale already made filings of some of them to Delaware. The additional coins would likely excite investors as they demand different digital assets asides from Bitcoin.
Experts predicted the altcoin season, and Grayscale’s decision would help the altcoins, which have found it hard to grow in the Bitcoin-dominated industry. Many platforms that allow crypto payments only allow Bitcoin, as many people don’t know that other digital assets exist.
Grayscale would give the cryptocurrencies exposure, and investors needed to record higher gains and gain some dominance in the booming industry. DeFi projects are also becoming very popular as more people demand the investment class.