Grayscale already offered 13 cryptocurrency funds. This is the second diversified.
Enrollment is now open, but only for selected customers.
Digital asset management company Grayscale and investment index provider CoinDesk Indexes will launch a decentralized finance product targeting institutional investors. This will consist of a fund and a DeFi index and arises in response to requests from the clients of both companies.
The new products, announced through a post on the Globe Newswire site, will be called the Grayscale Decentralized Finance (DeFi) Fund and the CoinDesk DeFi Index. Both companies belong to the Digital Currency Group, which motivated their union to satisfy a growing demand among customers.
Grayscale’s DeFi fund will allow investors to have exposure to decentralized finance protocols that will follow CoinDesk’s index data. The daily subscription is now open for selected and accredited investorsthe company reported.
This will be the fifteenth investment fund issued by Grayscale, which already has several cryptocurrency funds such as bitcoin (BTC) and ether (ETH), and it will be the second of diversified investments, the company’s brief details. To these alternatives for the clients of the North American firm a listed product will be added soon (ETF, for its acronym in English) of bitcoin that Grayscale will issue in October together with the bank BNY Mellon, as reported by CriptoNoticias.
Grayscale announced its partnership with CoinDesk for a new investment fund on Twitter. Source: Twitter.
For its part, the CoinDesk DeFi Index will provide information on a wide number of decentralized finance protocols. As of July 1, 2021, this index includes among its assets and protocols Uniswap (UNI, is the majority with 49.95%), Aave (AAVE, 10.25%), Compound (COMP), Curve (CRV), MakerDAO (MKR), SushiSwap (SUSHI), Synthetix (SNX), Yearn Finance (YFI), UMA Protocol (UMA), and Bancor Network Token (BNT).
Grayscale, CoinDesk and their focus on DeFi
In addition to the launch of the aforementioned fund, Grayscale intends to place shares of this new product in a secondary market, although it warns in the statement that “there are no guarantees that this will be successful.”
However, the company sees in DeFi a potential for possibilities that have yet to be explored. In this sense, Michael Sonnenshein, CEO of Grayscale Investments, stated that the emergence of decentralized finance protocols “is a clear example of how technologies can redefine the future of the financial services industry.”
Meanwhile, Jodie Gunzberg, director of index management at CoinDesk, said that “with the increasing focus on decentralized finance, it is essential for the investment community to have tools that provide calculated exposure.”