Grayscale Announces Five New Cryptos
The digital currency asset manager, Grayscale, has launched five new digital asset trusts due to an increase in investor demands. In addition, Grayscale is continuing its tradition of being a thought leader in the virtual currency industry by presenting its investors with more diversified options. Grayscale’s Chief Executive, Michael Sonneshein, stated that the company is “creating novel pathways for investors to access the opportunities that digital currencies may offer” (CoinJournal, March 18, 2021).
The company stated that all five trusts are now open for subscription by eligible individuals and accredited institutional investors.
Here are some things you should know about these cryptocurrencies:
- Basic Attention Token: Ethereum-based attention tokens “are known to track consumers’ time and attention on websites” to understand how to distribute advertising money efficiently;
- Chainlink: Running on the Ethereum blockchain, Chainlink “enables delivery of price feeds into decentralized finance applications”;
- Decentraland: Within its virtual-reality space, these “tokens can be used to buy up virtual plots of land and goods and services”;
- Filecoin: As a storage service provider that creates a “huge source of data storage,” Filecoin enables any individual to rent spare storage space on their computer;
- Livepeer: As a “decentralized video-streaming network,” Livepeer provides an individual the opportunity to add a live or on-demand video to their networks (Business Insider, 2021).
Although the aforementioned trusts are much smaller than Grayscale’s Bitcoin Trust – currently valued at $34 billion – the company’s investment in these platforms creates more opportunities in the virtual currency space. Most importantly, these five trusts are some of the earliest to invest solely in the cryptocurrencies underlying each investment product (Business Insider, 2021).