Home News Grayscale considers VeChain and Iota as Coinbase lists 4 low-cap coins

Grayscale considers VeChain and Iota as Coinbase lists 4 low-cap coins

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VeChain, Iota, Monero, and Axie Infinity are among the 25 coins that Grayscale, the world’s largest crypto asset manager, is considering adding to its investment offerings.

The following assets are being considered: Algorand (ALGO), Arweave (AR), Bancor (BNT), BitTorrent (BTT), BORA (BORA), Convex (CVX), Cosmos (ATOM), Decred (DCR), Elrond (EGLD), Enjin (ENJ), Fantom (FTM), Gala (GALA), Gelato (GEL), Helium (HNT), Holo (HOT), Oasis Network (ROSE (YGG).

Grayscale also announced on its website on January 24 that it had added Amp (AMP) to its Grayscale DeFi Fund, in addition to the 25 coins added to its assets under review.

Furthermore, Grayscale currently manages $55 billion in assets through its 15 crypto investing products (AUM). Grayscale Bitcoin Trust and Grayscale Ethereum Trust have a combined AUM of $31.2 billion.

According to Grayscale’s website, the Grayscale DeFi Fund now has a $7 million AUM and has lost 35.8% since its debut in July 2021.

According to CoinGecko, many of the coins now being examined are among the top 100 coins in terms of market capitalization.

VeChainThor blockchain

VeChain (VET) was first released as an Ethereum ERC-20 token in 2015. However, it has now evolved into the VeChainThor blockchain network’s native coin. Real-world industries utilise the token and network to track and manage their supply chains.

The native token for the Iota distributed ledger, which allows devices to connect to the Internet of Things, is IOTA (IOTA) (IoT). In late 2015, the project kick-started.

Additionally, Axie Infinity (AXS) is the governance token for the massively popular play-to-earn Axie Infinity game. On January 26th, 2021, it was trading for $0.97 with a market capitalization of $48 million. And it is now trading at $51.90 with a market capitalization of $3.6 billion.

While these three currencies are well-known and have big followings, the same cannot be said for the new additions to Coinbase.

Coinbase is the world’s third largest crypto exchange

With roughly $4 billion in daily trading activity, Coinbase is the world’s third-largest crypto exchange. And it has just listed four relatively obscure currencies. Cryptex (CTX), DIA (DIA), Maple (MPL), and Unifi Procol DAO are the four coins (UNFI). None of these tokens currently rank in the top 500 by market value. Nonetheless, Coinbase is staying true to its promise. “Making a lot more cryptocurrencies and tokens available in 2022,” as stated in a tweet on Jan. 25.

“It helps us to stay flexible and community-driven. While also allowing us to reach out to every corner of the world.”

The TCAP Index, which tracks the total crypto market capitalisation, is under the management of Cryptex, a decentralised autonomous organisation (DAO). CTX is currently trading at $10.79, up 10.7% in the last 24 hours.

Sticco also discussed what it would take for a tiny initiative to get traction enough for Grayscale to evaluate it as an investment product. He expressed himself as follows:

“At the end of the day, I don’t think it matters where we all begin… It’s about starting small and trying to tackle difficult challenges. In order to make finance’s future the best it can be for all players.”

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