Grayscale, the world's largest crypto asset manager, has added 25 cryptocurrencies to its list of assets under consideration for investment products, including VeChain, Iota, Monero and Axie Infinity.
Other assets under consideration include: Algorand (ALGO), Arweave (AR), Bancor (BNT), BitTorrent (BTT), BORA (BORA), Convex (CVX), Cosmos (ATOM), Decred (DCR), Elrond (EGLD), Enjin (ENJ), Fantom (FTM), Gala (GALA), Gelato (GEL), Helium (HNT), Holo (HOT), Oasis Network (ROSE), Secret (SCRT), Spell (SPELL), Stacks (STX), The Sandbox (SAND), Universal Market Access (UMA), Yield Guild Games (YGG).
In addition to the 25 tokens being considered for addition, Grayscale said in a Jan. 24 website update that it had added Amp (AMP) to its Grayscale DeFi Fund.
Grayscale currently has 15 cryptocurrency investment products with assets under management (AUM) of $55 billion. Grayscale Bitcoin Trust and Grayscale Ethereum Trust account for $31.2 billion in its AUM.
According to the Grayscale website, the Grayscale DeFi Fund currently has assets under management of $7 million, down 35.8% since its launch in July 2021.
Many of the coins currently under consideration are among the top 100 cryptocurrencies by market cap, according to data from CoinGecko.
VeChain (VET) was originally launched in 2015 as an ERC-20 token on the Ethereum network, but has since become the native token on the VeChainThor blockchain network. The token and the network are used by real world industries for supply chain tracking and management.
Iota (IOTA) is the native token of the Iota distributed ledger, which helps devices connect to the Internet of Things (IoT). The project was established at the end of 2015.
AXS is the governance token of Axie Infinity, the earn-as-you-play game that has seen huge success over the past year. AXS traded at $0.97 on January 26, 2021 with a market cap of $48 million and is now trading at $51.90 with a market cap of $3.6 billion.
While these three tokens are well known and have amassed a large following, the same is not necessarily the case for the one Coinbase just added.
Coinbase, the third largest cryptocurrency exchange in the world with nearly $4 billion in daily trading volume, listed 4 relatively unknown tokens today, namely Cryptex (CTX), DIA (DIA), Maple (MPL) and Unifi Protocol DAO (UNFI). None of these tokens are currently in the top 500 by market cap, but Coinbase said in a Jan. 25 tweet that by listing them, Coinbase is keeping its promise to “list more tokens in 2022.”
The Cryptex team spoke to Cointelegraph about their development goals after listing on Coinbase. When asked how small crypto projects could benefit from such a listing, co-founder and CEO Joe Sticco said:
"This allows us to remain nimble and community-driven, while we can now reach every corner of the globe."
Cryptex is a Decentralized Autonomous Organization (DAO) that manages the TCAP Index, which tracks the total crypto market cap. As of writing, the CTX price is up 10.7% in the last 24 hours and is trading at $10.79.
Sticco also talked about how to make a small project rise to the status that Grayscale will consider it as an investment product. He said:
"I think at the end of the day, it's not a question of where do we start ... it's a matter of starting small and trying to solve those incredibly difficult problems so that the future of finance is best for everyone involved."
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
Sanya
Cheng Yuan
The Crypto Star
Cointelegraph
Bitcoinist