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Grayscale Is Introducing Five New Altcoin Trusts

Grayscale – provider of one of the world’s largest bitcoin funds – has announced that it is unveiling five new trusts based on assorted altcoins.

Grayscale Is Giving Us More Digital Currency Trading Options

Among the currencies these trusts will allow customers to invest in are Chainlink, Filecoin and Livepeer. Another trust will hold Basic Attention tokens, while a fifth will give customers a chance to invest in an asset associated with the virtual reality world Decentraland.

Grayscale chief executive officer Michael Sonnenshein explained 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 the market. 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.

These new trusts mean that Grayscale is now offering 13 separate crypto products, though its largest one is still the bitcoin trust, which is presently valued at more than $34 million. However, there is an issue with this product in that since bitcoin has spiked so heavily in price over the past few months, many investors are likely reluctant to get involved in trading given that they are afraid to be stepping into the bitcoin space when the currency is at the top of its game.

Thus, these new trusts will give clients the chance to invest in smaller, lesser-known digital currencies so they can diversify their portfolios without going all in on BTC. In the meantime, should the price of the world’s number one digital currency drop in the coming days, this may open more doors for traders to become involved.

The new trusts are for currencies that aren’t as popular or as understood as mainstream assets like BTC or ETH, though Grayscale is confident in its offerings. Sonnenshein even claims:

There are many Grayscale products that have historically been a little bit before their time, before they began to resonate with investors sufficiently.

Will BTC Fall in the Coming Days?

In the meantime, the day in which Grayscale clients feel more comfortable investing in BTC may be closer than we think considering the asset has already fallen an additional three percent in anticipation of a meeting held by members of the U.S. Federal Reserve. The institution plans to discuss inflation and what financial trends could permeate America in the coming weeks now that the country appears headed towards pandemic recovery.

The coronavirus ultimately gave bitcoin time to grow, as in battering America’s financial markets, USD and other forms of fiat began to suffer. Thriving on this chaos, bitcoin experienced rises like it never had before in 2020, though should recovery be close by, the U.S. dollar is likely to gain stability which could get in the way of further bitcoin surges.

The post Grayscale Is Introducing Five New Altcoin Trusts appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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