Investment giant Grayscale Investments said it has filed registration statements with the SEC for 3 altcoins. The Grayscale trust list includes products that follow Horizen (ZEN), Stellar Lumens Trust (XLM), and Zcash (ZEC).
Market reacted warmly to the news, Zcash up 10%
Grayscale’s Horizen Trust gained almost 1% in the morning hours. It is currently trading at $2.40.
The fund allows investors to effortlessly invest in Zen token. After the announcement, the Zen price rose 8.6%. 24-hour trading volume increased by 27% to $39.2 million. At the time of writing, it is trading at $30.44 with a moderate correction.
Grayscale also reported that Horizen Trust is tracking $19.5 million in mutual funds. Similarly, the Stellar Lumens Trust and Zcash Trust hold assets of $13.9 million and $44.4 million, respectively. Other cryptocurrencies associated with other trust products such as XLM and ZEC are also responding positively to the news. Stellar (XLM) is up more than 4% in the last 24 hours. Zcash (ZEC), on the other hand, was the top performer, gaining more than 10%.
Grayscale has 25 altcoin projects on its list
Grayscale currently offers many trust products that support various cryptocurrencies. Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC) are on the list.
According to a report, Grayscale has shown investment interest in more than 25 cryptocurrencies by adding them to its rubric. The list includes cryptocurrencies issued by various DeFi, NFT and metaverse initiatives. Algorand (ALGO) and Convex (CVX) are the picks from the DeFi industry. On the other hand, Grayscale deals with the metaverse projects of Axie Infinity (AXS), Sandbox (SAND), and Enjin (ENJ).
What is a Grayscale trust? Why is it important for altcoins?
Grayscale’s Trust products are a cryptocurrency investment product that individual investors can buy and sell in their own brokerage account. As we mentioned in the news of Kriptokoin.com, on January 21, 2020, it registered its shares with the SEC and designated the Trust as the first crypto money investment vehicle to reach the reporting company status by the SEC. As a result, Grayscale reassures its Trust products that they are “protected by a robust security system using industry-leading security standards.”
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