TL;DR Breakdown
- Grayscale’s CEO says pension funds and endowments are beginning to show more interest in crypto adoption
- The firm says it is planning to roll out a new set of products before the end of the year.
Grayscale Investments, a crypto investment company, has said that pension funds and endowments have begun to show interest in the crypto industry. This was made known by Bloomberg in one of its recent reports. This means that we have continued to witness more crypto adoption by institutions.
According to the report, Grayscale currently owns over 3% of the total supply of Bitcoin. It was also noted that the rate of crypto adoption has also been growing steadily.
The new Chief Executive of Grayscale Michael Sonnenshein added that there will also be the entrance of other institutions like pensions and endowments in the crypto space. He noted that hedge funds were already long participating in the industry.
Sonnenshein also made it known that his company was going to be increasing its 24 men staff very soon while also introducing a new set of products this year.
Grayscale has over $25 billion in assets under management and together with Microstrategy hold the highest number of BTCs.
Grayscale crypto adoption rate grows
Grayscale earlier this month announced that it was going to be selling all the XRPs in its Digital Large Cap Fund.
The crypto investment company had recently bought a huge amount of the XRP tokens but it now appears that firm has decided to liquidate all of the Ripple native tokens in the fund.
Genesis Global Trading, the sole authorized participant of the fund, had informed the public that they would be suspending all XRP transactions on its platform. According to the firm, this decision was borne out of the impending lawsuit between Ripple and the Securities and Exchange Commission (SEC).
The SEC alleges that the crypto firm offered unregistered securities to the public.
Grayscale also made it known that the proceeds from the liquidation have been used to purchase other crypto assets like Bitcoin, Bitcoin Cash and Litecoin.
