Grayscale, a global Crypto management firm, has included VeChain and Iota in the list of assets that are being considered to be listed on the platform. The list extends to 23 more digital assets, all of them being in the top 100 tokens in terms of market capitalization.
This is a huge decision by Grayscale. It will largely benefit investors and users of the platform who are looking to expand and strengthen their investment portfolio.
VeChain And Iota On Grayscale?
Both coins are currently being considered by Grayscale for final listing. VeChain and Iota await their fate along with 23 more digital assets.
The list of assets under consideration by Grayscale includes Iota, VeChain (VET), Axie Infinity (AXS), Monero (XMR), Algorand (ALGO), Bancor (BNT), Arweave (AR), BitTorrent (BTT), Convex (CVX), Bora, Decred (DCR), Cosmos (ATOM), Elrond (EGLD), Fantom (FTM), Enjin (ENJ), Gala, Helium (HNT), Gelato (GEL), Holo (HOT), Secret (SCRT), Oasis Network (ROSE), Spell Token (SPELL), The Soundbox (SAND), Stacks (STX), Yield Guild Games, (YGG), and Universal Market Access (UMA).
One thing that all of them have in common is their position. Every digital token that is being considered by Grayscale is in the top 100 ranks in terms of its market capitalization.
Grayscale’s present value of Assets Under Management stands at $55 billion. The valuation has been derived with the presence of 15 Crypto products that are already listed on the portal of the global Crypto management firm.
More than half of the total valuation of Assets Under Management of Grayscale comes from Bitcoin Trust and Ethereum Trust. Both Trusts contribute nearly $31.2 billion in valuation.
Around $7 million of the valuation is brought in by Grayscale DeFi Fund. The rest of the portion is filled by other Crypto products. The contribution of $7 million by Grayscale DeFi Fund is lower by 35.8% as compared to what it was in July 2021, the time when it was launched in the market.
Once added, the digital tokens will expand the list of Crypto products. They will enable the firm to offer more options to its traders and users who are looking to expand their Crypto investment portfolios.
Coinbase is another firm that has followed this trend. It has included support for four digital assets. These are Cryptex (CTX), DIA, Maple (MPL), and Unifi Protocol DAO (UNFI).
The only difference is that digital assets listed by Coinbase don’t appear in the list of the top 500 Crypto in terms of market capitalization. Coinbase will, however, look to support more such projects in 2022.
While Iota, a decentralized token, allows people to connect with the Internet of Things, VeChain, an Ethereum Blockchain network-based ERC-20 token, works as a native currency on the VeChainThor blockchain infrastructure.
In comparison to a system like Bitcoin, VeChain (VET) is a Proof of Authority (PoA) token that requires comparatively less computational power to establish network security. You can click here to know more about the future of VeChain.