Grayscale Considering 23 Cryptocurrencies for New Investment Products

Digital asset manager Grayscale Investments has revealed the shortlist of cryptocurrencies that it's choosing from to create new investment products, in a press release.

According to Grayscale CEO Michael Sonnenshein, the currencies in question represent "bold, interesting and innovative opportunities that satisfy our investors’ demand for differentiated exposure to this burgeoning asset class."

Sonnenshein added that the firm may not turn every asset on the list into an investment product, but it's trying to introduce more diversity in a space that's largely centered on Bitcoin.

Grayscale already has trusts for eight cryptocurrencies. These include Bitcoin, Ethereum and Litecoin along with smaller projects like Horizon and Zcash. The trusts enable investors to gain exposure to a variety of cryptocurrencies without having to own the assets directly.

Grayscale exploring DeFi coins

The list of 23 cryptocurrencies includes several high market cap coins, some DeFi coins and a few VC-backed projects.

The most well known projects are blockchain platform Cardano, 'Internet of blockchains' project Polkadot and fast blockchain platform EOS. DeFi coins include lending platform Aave, synthetic asset platform Synthetix, stablecoin provider MakerDAO and yield farming platform Yearn Finance.

VC-backed products include decentralized file storage platform Filecoin and Bitcoin-based smart contract platform Stacks. It also includes Chainlink, an oracle network that underpins many decentralized apps.

Several of the coins on the latest list had already been revealed due to filings at Delaware’s Division of Corporations.