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Grayscale Prepares for Defi Future with New Crypto

Grayscale Prepares for Defi Future

April 8, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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News coming in is that the world's largest cryptocurrency asset manager, Grayscale prepares for DeFi future by filing new coin trust registrations. 

The crypto asset manager filed for five cryptocurrencies. That is, Cosmos, Polkadot, Monero, Cardano and Aave. 

Grayscale is a cryptocurrency investment product that allows businesses to sell and buy coins using their brokerage accounts. It is also worth noting that it is an SEC reporting company after registering its shares with the said commission. 

The investment vehicle is characterized by over-the-counter trading. This makes it possible for investors to buy and sell cryptocurrency. Also, note that it is the same way they would if it were other securities. The asset manager has confirmed that the move to file for the coins is not an indicator of a new product launch for cryptocurrencies.

Grayscale prepares for DeFi with new crypto: What could have motivated the move?

Grayscale prepares for DeFi future by filing new cryptos. The fund has confirmed that it is not because there is a launch cooking. What could be the motivation behind it? The most apparent reason could be that the five coins mentioned above seem to be having a great future. 

A breakdown of the five coins' price performance will shed some light on the different coins' price performance.

Cosmos

Grayscale prepares for DeFi by filing for Cosmas because of the outstanding price-performance of the coin. The crypto experienced a 489% growth due to the currency's value rising from $1.50 to over $9. The coin seems to experience a constant increase in value as it currently $18. 

It is also projected that the value of the coin will be $49.03 in about three years, in 2024. It has been considered an attractive investment for long-term investors seeing its impressive growth over time. 

It is also worth noting that the coin's market capitalization rank is 23. That is the relative size of the coin, which is derived by multiplying the coin's price by the total number of coins in circulation. 

Aave

Aave might have been a great pick as Grayscale prepares for DeFi as it exhibited a 483% growth. Currently, the coin's price stands at $372.53. It also has a pretty impressive trading volume of $658.97 M. Such a high trading volume would play a vital role in the blockchain's activities. 

We are talking about more deposits and withdrawals, which also are an indicator of the market's interest in cryptocurrency.

Aave's market cap is $4.45 B, which is higher than that of Cosmos. The high market cap also positively reflects on the circulation of the coin, and most importantly, its value. The current circulation of the cryptocurrency is 12 million, with a limit of 16 million. 

Monero

Monero is a big deal in the blockchain space and could explain why Grayscale prepares for DeFi by filing it. For one, the coin is a privacy coin that uses ring signatures and stealth addresses, making its transaction difficult to trace. 

Monero has, over time, experienced a 467% growth, with the price standing at a value of $242.27. the coin also has a trading volume of $ 623M with a market cap of $4.07 billion. The coin ranks around 26 in the cryptocurrency market, which indicates how popular the coin is.

Cardano

Yet another coin filed as Grayscale prepares for DeFi filing. Just like the other cryptocurrencies, Cardano has also exhibited growth, specifically of 187%. The coin has a market dominance of 2.11% and a trading volume of $2 billion.

The market cap is 0.06409. the supply is currently at 70%, and the coin is projected to show continued growth in the future. 

Polkadot

Grayscale's choice of choosing Polkadot could be more strategic than the other coins as the crypto experienced a 537% growth in 2020. Polkadot's price is currently $34.37. The price change for the digital asset is usually $2.00, which makes it a safe asset. 

The cryptocurrency's current trading volume is $1 billion, with a market dominance of 1.74%. 

Grayscale prepares for DeFi by filing for new cryptocurrencies: How will it work?

Grayscale is known for being the leading digital currency investment vehicle and the largest bitcoin fund. The fund has recently spread its wings in a gesture that suggests entry into decentralized finance. 

That is by filing for five cryptocurrencies. Note that the fund provides exposure to investors to bitcoin, which is currently the leading cryptocurrency. It makes this possible by allowing reliable and simple market access. 

The fund is open-ended, holding over 3.31% of the world's bitcoin supply. It also has the support of credible network providers. The chance is high that the trust will be working with the new cryptocurrencies the same way they are operating with bitcoin.

This explains the need to file cryptocurrencies that show promise in price performance. Being the first established decentralized currency, bitcoin has a large market share and has received significant acceptance compared to other digital assets. 

This benefit arises from the fact that it was launched earlier and has had adequate time to evolve in the market as a product. In the same way the digital currency has grown and increased in value, other assets will grow. 

Grayscale has its sights on the five coins that have shown impressive progress, especially last year. Time to come, investors allied with Grayscale could be able to buy shares of the fund, and that way have a piece of the digital assets.

The fund already has great shareholders, with the five main being Horizon Kinetics Asset Management, Churchill Management Corp, Ark Investment Management, Toroso Investments, and IFP Advisors. 

The fund has been offering several investment products for several years. Grayscale prepares for DeFi by filing five promising cryptocurrencies that have already exhibited excellent price performance. This should add to the six products that the fund is already offering investors.

Grayscale provides investors with the opportunity to diversify their cryptocurrency basket. You do not have to get stuck with one, as you can work with the multiple products they have in their portfolio.

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