The world’s largest crypto asset management company, Grayscale, has announced its new altcoin project that it has added to its investment products group. The announcement of the company, which announced that it has included a new project in the altcoin basket it offers for individual and institutional investors, is of interest to crypto investors.
New altcoin will be the third largest fund from day one
The largest fund owned by the company is Bitcoin (BTC) with 67.47%. Second place Ethereum (ETH) will have 25.39%, while the new and third name Cardano (ADA) will have 4.26% of the pie. The remaining shares are owned by Bitcoin Cash (BCH), Litecoin (LTC), and Chainlink (LINK) at around 1% or less.
Speaking of funds, it should be noted that Grayscale used to include XRP in its fund. But earlier this year, XRP lost its place in the company after the U.S. Securities and Exchange Commission accused Ripple of selling the crypto asset as an unregistered security. The company is currently evaluating several altcoins, including Solana (SOL) and Polygon (MATIC), rather than the 7th largest cryptocurrency.
This move will make Cardano and Ethereum a direct competitor
Finally, Cardano is a Blockchain network started by Charles Hoskinson, one of the co-founders of Ethereum. Cryptocoin. com, the platform is expected to launch smart contracts in August. For Analisdollarser, this move will make Cardano and Ethereum a direct competitor.
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