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Date:
29th Jan 2021
Author:
CryptoAltum News Team

Grayscale Registers Trust Filings for Five New Assets including Monero and Cardano

One of the largest crypto funds in the world, Grayscale, has registered trust filings for a DeFi token, AAVE, Monero, Cardano, EOS, and two other chains, recent records reveal. Although the company has said registration isn't a guarantee of the product launch, it appears as if institutions have reason to believe that interoperable blockchains like Polkadot, DeFi, and high throughput smart contracting platforms like Cardano (ADA) are integral for a digital future.


Details: 

A successful blockchain project is stratified with a set of early adopters, fans, and investors. These investors can be disparate, comprising retailers and institutions. Before the exponential gains of Bitcoin and select crypto prices in 2020, the sphere was largely a retailers' playground. The entry of choosy institutions, facilitated by agents like Grayscale, means better liquidity. Support for projects like Cardano and Monero is a shot in the arm, a boost for developers, pointing out their potent and value proposition. The filing from Grayscale could be due to institutional demand. If launched, listed tokens could gain, lifting them to new levels.


Impact on Cardano and Monero Prices:

Bullish. Cardano seeks to compete with Ethereum and is presently one of the most decentralized networks after the Shelley launch. Meanwhile, Monero has the first-mover advantage and is the most dominant privacy coin. Listing by Grayscale means higher liquidity that may move prices higher from spot levels in the same way Bitcoin rocketed in 2020.


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