Grayscale Evaluating New Crypto Coins, Adds to Defi Lineup | ETF Trends

Grayscale, the biggest global crypto asset manager, is evaluating 25 new crypto coins for potential products in the future and adding one crypto asset to its DeFi fund, according to an update on products on the Grayscale website.

The firm is currently considering 25 different coins, including BitTorrent (BTT), Algorand (ALGO), IOTA (IOTA), Secret (SCRT), and others. These coins are some of the largest by market cap, representing many of the top 100 coins being traded.

VeChain (VET) is one such token that got its start on the Ethereum network but eventually became its own native token and blockchain. It is used for tracking within the supply chain as well as managing supply chain movements, and is used by companies across many industries, reports CoinTelegraph.

IOTA is another popular coin that many are familiar with because of the growing Internet of Things movement. The Iota blockchain works within the Internet of Things to help connect devices and was founded in 2015.

Axie Infinity (AXS) is based within the framework of the Axie Infinity game, which became popular in 2021 and is the native token for the play-to-earn game. This coin was trading for $0.97 on January 26, 2021, and had a $48 million market cap. Currently, it trades at $46.79 with roughly a $3.3 billion market cap.

In addition, Grayscale has added AMP to its Grayscale DeFi Fund (DEFI) at a 7.7% holding. The fund invests in assets from the CoinDesk DeFi Index and is made up of digital assets native to DeFi and provides exposure to this growing area of crypto within a security, meaning that investors don’t have to worry about the hassle of storing, buying, or safekeeping the digital currencies themselves.

Amp is generally described as a digital collateral token, which can help speed up transactions while making them secure on the Flexa network. An AMP token contract has permissionless collateral pools, which allows users the flexibility to withdraw or engage in contracts without a restriction on time or competition. Basically, it’s creating contracts that are secure at prices that are fairly cheap.

For more news, information, and strategy, visit the Crypto Channel.