- In less than a week, Grayscale will introduce its third closed-end cryptocurrency fund, the most recent of which will follow MakerDAO’s MKR coin.
- As part of founder Rune Christensen’s “Endgame” concept, MakerDAO is currently going through a period of reinvention that will see the launch of multiple new goods and services from one of the first DeFi projects.
The largest cryptocurrency asset manager in the world, Grayscale, is expanding its array of investment options for digital assets with the establishment of a closed-end MakerDAO Trust. After the introduction of Layer 1 network Sui’s token and the funds tracking decentralized AI project Bittensor’s TAO cryptocurrency, this is the third single asset trust the company has launched in as many weeks.
Similar to its current funds, the offering will provide institutions and eligible investors with access to MakerDAO’s governance token.
One of the first DeFi ventures was MakerDAO, a well-known decentralized lending platform and stablecoin issuer. After Tether’s USDT and Circle’s USDC, the DAI stablecoin is the third largest with a market valuation of more than $5 billion.
Under founder Rune Christensen’s “Endgame” strategy, Ethereum-based MakerDAO is currently going through a period of reinvention that will see it spin off an infinite number of new products and services under the supervision of subDAOs. Specifically, Maker wants to expand its presence in the emerging on-chain credit and real-world asset markets.
We believe that MakerDAO’s long-awaited “Endgame” metamorphosis will further consolidate its role in decentralized finance (DeFi), as its innovative approach to stablecoins and on-chain credit has made it a cornerstone of DeFi. Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale said.
The spot bitcoin and ether exchange-traded funds, which are Grayscale’s two main offerings, were initially closed-end trusts but were converted once the ETFs were approved by the US Securities and Exchange Commission this year. Because traders are unable to take direct cash out of closed-end trusts, unlike ETFs, the trust’s price and the value of its underlying assets may vary.
The company, a division of Digital Currency Group, issues the Basic Attention Token, Chainlink, Zcash, and at least 17 other private single-asset funds. It also offers thematic funds that invest in various vertices, such as artificial intelligence and decentralized finance.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
