Grayscale investments launches smart contract programs excluding Ethereum

Leading digital currency asset manager Grayscale Investments announced the launch of funds for smart contract platforms. The smart contract platforms include mainly 7 ethereum competitors, Cardano(ADA), Solana(SOL), Avalanche(AVAX), Polkadot (DOT), Polygon (MATIC), Alogrand (ALGO) and Stellar (XLM). Grayscale has excluded Ethereum, owing to the growing demand among investors for alternative blockchain networks.Grayscale exposes investors to a selection of industry-leading Smart Contract platforms through a market-capitalization weighted portfolio. Smart contracts are self-executable programs that run on a blockchain when certain predetermined conditions are met.
Until March 16, the smart contract fund had the following assets with these weightings:
* Cardano (ADA) with 24.63%, Solana (SOL) with 24.27% and Avalanche (AVAX) with 16.96%.
* Polkadot (DOT) with 16.16%, Polygon (MATIC) with 9.65%, Algorand (ALGO) with 4.27% and Stellar (XLM) with 4.06%.
The Grayscale smart contract funds have been open for daily subscription by eligible individual and institutional accredited investors. The important information about the new funds were elaborated in the globenewswire report :
* The shares of new products could be quoted on a secondary market by Grayscale.
* The shares of certain Grayscale products have been approved for trading on a secondary market, such as OTCQX.
- However, the investors in a new product would have to go through the queries of SEC and Financial Industry Regulatory Authority (FINRA) regarding the status of the product’s underlying digital assets.
Jodie M. Gunzberg, the Managing Director of CoinDesk Indices said on the launching of funds that many investors put their money in Ethereum blockchain due to its unexpectedly high growth in the last year. This has led to the demand of exposure across the other smart contract platform sectors. Grayscale CEO Michael Sonnenshein also talked about the growing demand of the investors for diversified exposure with the ongoing evolution of the crypto ecosystem. Sonneshein asserted that smart contract technology is crucial to the growth of the digital economy, but it's early to tell which platform would lead the way.
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