Grayscale adds Algorand, Axie Infinity, Sandbox and 22 others into its ‘Assets Under Consideration’

  • Grayscale has revealed some new 25 coins that it intends to add onto its investment products, which are the biggest for professional investors in the industry.
  • They include metaverse and gaming tokens like The Sandbox, Axie Infinity, and Yield Guild Games as well as DeFi projects like Algorand and Convex.

One of the world’s largest institutional investment product operators in the cryptocurrency industry has added 25 new digital assets that it’s considering adding onto its investment products. Grayscale added the likes of Algorand, Axie Infinity, Sandbox, and Convex to the list, many of which recorded double-digit gains in the past day.

In a blog post on Monday, Grayscale said the move is geared towards introducing investors to the diversity in the crypto space.

Currently, Grayscale offers 24 separate cryptocurrencies to investors, either in standalone products like the Grayscale Bitcoin Trust or as part of a collective like the Grayscale Digital Large Cap Fund.

These include most major cryptocurrencies, from Bitcoin, Ether, Cardano, and Litecoin to DeFi majors like Compound, Uniswap, Yearn Finance, and SushiSwap to newcomers like Horizen and AMP.

IOTA joins DeFI and metaverse tokens on the Grayscale list

In its blog post, the Connecticut-based company, which is a subsidiary of the crypto behemoth Digital Currency Group, listed some 25 new assets that it’s considering listing.

They include IOTA, a project that has fallen off the radar for investors, slipping to 47th on the rankings with a $2.26 billion market cap. Despite the price drop, IOTA has continued to see rampant growth in its ecosystem, with the IOTA Foundation championing the project’s march into a world of Web3 and the metaverse with its decentralized smart contract, known as Assembly.

Related: May the rewards be with you: IOTA starts Shimmer and Assembly staking

Other cryptos under consideration include gaming and metaverse projects like Axie Infinity and Sandbox. Axie has been the beacon of blockchain gaming, with its play-to-earn model attracting gamers in their hordes. According to NonFungible.com, Axie has sold over $3.4 billion in NFTs, the highest by far ahead of Bored Ape Yacht Club.

DeFi was well represented on the list, with projects like Bancor, Fantom, Algorand, and Convex among those being considered by Grayscale. Fantom, in particular, has been one of the best performers in the field of DeFi. It recently flipped Binance Smart Chain to become the third-largest DeFi chain after Ethereum and Terra, but BSC has since then recovered its position. Fantom currently has $11.48 billion in total value locked (TVL).

Being placed on the list doesn’t automatically translate to being listed on Grayscale products, the company says. It stated:

As a reminder, this list is for illustrative purposes only. Not every asset under consideration will be turned into one of our investment products and Grayscale may explore additional assets other than those included in the Assets Under Consideration table for inclusion in Grayscale Products.

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Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

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