Greyscale, owner of the largest Bitcoin investment fund, has announced that it will set up 5 new altcoin trusts that will enable its customers to invest in Chainlink, Filecoin, Livepeer, Basic Attention Token, and Decentraland.
According to a Bloomberg News article, Greyscale has done extensive research into these 5 cryptocurrencies and their potential investment demand. Also, the protocols underpinning them have been assessed as to their integrity.
Grayscale Chief Executive Officer Michael Sonnenshein said in an interview:
“At any one time, we’re probably maintaining a list of what could be 30 products, could be 40 products that we’re interested in bringing to market,” And “We’re trying to always reconcile where we may find compelling opportunities in the digital assets ecosystem and trying to reconcile where investors are interested in deploying capital.”
With the 5 new funds to come, Grayscale will have 13 cryptocurrency funds, with the largest being GBTC, which has $34 billion invested.
The Bloomberg article surmised that some investors might not want to invest in the Bitcoin fund as they could be getting in near the top of the market. Therefore, offering smaller cryptocurrency funds with a lot more room to grow might make good investment sense.
The 5 cryptocurrencies and what they do
Basic Attention Token
Setting out to disrupt the digital advertising industry, Basic Attention Token rewards Brave Browser users with BAT for choosing to view ads as they browse. Basic Attention is the first crypto application to attract 1 million users.
Filecoin is a reliable and scalable decentralised storage network that stores user data. Miners earn FIL for providing storage to clients while they spend FIL in hiring miners to store or distribute data.
A video platform that delivers reliable, affordable and scalable video streaming for clients. Livepeer offers live streaming at a fraction of the cost of comparable services.
The number one blockchain oracle that provides tamper-proof feeds for complex smart contracts. It enables access to real world data, events and payments with secure APIs.
A virtual world where users can own parcels of land, build on them, and create whatever their imagination leads them to. A virtual marketplace for trading in digital goods.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.