Grayscale Investments Launches A DeFi Tradable Fund Following 16,000 BTC Unlock

By July 19, 2021DeFi
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Grayscale Investments Launches A DeFi Tradable Fund Following 16,000 BTC Unlock

World's leading cryptocurrency asset manager Grayscale Investments (OTCMKTS: GBTC) partnered with major industry media outlet Coindesk to launch the Grayscale Decentralized Finance Fund (OTC:GDFF).

What Happened: According to a Monday announcement, Grayscale Investments and Coindeks subsidiary CoinDesk Indexes are launching launch the fund, where the CoinDesk DeFi Index will be tracking major decentralized finance (DeFii) tokens.

The fund will be composed of multiple assets weightings.

CoinDesk

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GDFF is already open for daily subscriptions to eligible individual and accredited institutiona investors.

Grayscale Investments intends to have shares of this new fund quoted on a secondary market but does not guarantee that its attempts to have it listed will be successful.

The company's CEO Michael Sonnenshein said that DeFi protocols are an example of "technologies that can redefine the future of the financial services industry."

Read also:Ethereum 2.0 Could Launch A $40B Staking Industry By 2025, Says JPMorgan

The new product was announced right after Grayscale Investment unlocked about 20,000 Bitcoins (CRYPTO: BTC) on July 18.

According to late June reports, JPMorgan Chase & Co (NYSE:JPM) market strategists the selling of shares in Grayscale Bitcoin Trust (OTC:GBTC) would become a new source of selling pressure for Bitcoin.

16,000 BTC ($492 million as of press time) were released to investors on July 18. Today, 8,760 BTC was unlocked as well.

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