Grayscale Investments has announced the creation of the Grayscale DeFi Fund focused on Decentralized Finance (DeFi) tokens.
Grayscale CEO Michael Sonnenshein said the fund will enable private and institutional accredited investors to gain access to leading DeFi tokens without the need to make an outright purchase.
This is already the fifteenth Grayscale product related to investment in cryptocurrencies. The launch of the new fund is driven by the increasingly attractive DeFi market for large companies. Grayscale plans to launch the fund on the secondary market, but there are no guarantees that the initiative will be successful.
This could be influenced by many factors, including the actions of the US Securities and Exchange Commission (SEC) and the Financial Institutions Regulatory Agency (FINRA), said CEO Grayscale.
Sonnenshine also spoke about other investment instruments in cryptocurrencies. He hopes that US regulators will soon approve the launch of tradable exchange-traded funds (ETFs) on bitcoin. Earlier, the company expressed its readiness to convert the Grayscale Bitcoin Trust (GBTC) into an ETF for Bitcoin after the consent of the SEC.
“We are ready to provide clients with reliable and secure access to the digital asset ecosystem. The emergence of decentralized finance protocols clearly demonstrates how the future of the financial industry can be changed. We believe there is a bright future ahead with the adoption of DeFi, ”Sonnenshine said.
The new CoinDesk DeFi Index will be used to track the prices of DeFi tokens. It was created by TradeBlock, which was one of the first in 2014 to develop the XBX Index for tracking bitcoin. In January, cryptocurrency publication CoinDesk announced the acquisition of TradeBlock, but the amount of the transaction remains unknown.
“This partnership with Grayscale proves our leadership in building digital currency indices at the institutional level. Given the increased interest in DeFi, it is important for investors to have the data and tools to help diversify their investment portfolio with decentralized finance, ”said Jodie Gunzberg, Managing Director of CoinDesk Indexes.
According to Grayscale, in the IV quarter of 2020, investors invested about $ 3.3 billion in the company’s cryptocurrency funds.In March this year, Grayscale launched five new funds for BAT, LINK, MANA, FIL and LPT cryptocurrencies.