Grayscale has launched a crypto funding belief fund for MakerDAO, in line with an Aug. 13 assertion shared with CryptoSlate.
This fund, named the Grayscale MakerDAO Belief, will give investors direct publicity to MakerDAO’s native MKR token. The agency said:
“MKR provides investors exposure to an on-chain credit protocol, stablecoins, real-world assets, and more, through MakerDAO’s ecosystem.”
MakerDAO, a lending platform launched in 2017 on the Ethereum blockchain, helps the decentralized stablecoin DAI. In response to DeFiLlama knowledge, MakerDAO is the fourth-largest DeFi protocol, with belongings totaling round $7 billion. Its DAI stablecoin ranks third within the trade, behind Tether’s USDT and Circle’s USDC.
Beforehand, Grayscale supplied publicity to MakerDAO via its DeFi Fund, which additionally included belongings like Uniswap, Lido, and Synthetix. Nonetheless, the brand new Grayscale MakerDAO Belief will focus solely on the MKR token.
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Analysis, described the launch as a big step in increasing the corporate’s crypto product lineup. She added:
“The launch of the Grayscale MakerDAO Trust allows investors to experience the growth of the entire MakerDAO ecosystem, aiming to remove DeFi’s dependency on traditional finance infrastructure by providing a permissionless, decentralized, and open stablecoin system.”
The Belief is now out there for day by day subscriptions from eligible particular person and accredited institutional investors.
Grayscale trusts
In the meantime, this launch got here shortly after Grayscale launched its Bittensor Protocol and Sui Trusts, which additionally goal native tokens of those ecosystems. The asset administration agency now holds a Belief forovern 20 digital belongings, together with Solana, Litecoin, Chainlink, ZCash, and others.
In response to CoinGlass data, the full worth of belongings beneath Grayscale’s crypto belief administration is greater than $7 billion.
Over the previous yr, Grayscale has efficiently transformed its Trusts in Bitcoin and Ethereum into spot exchange-traded funds (ETFs) within the US. These merchandise are among the many largest crypto ETFs, with mixed belongings nearing $20 billion.
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